Do car finance companies allow for negotiation on a loan buy out or pay off?

Question

I have a 17.5% car loan and the pay off amount is $13,538
Orig loan amount $16,739.
The car may be worth $7,000 at the most.
5 year loan that I am three years into.
I will be coming into some big money soon and I was wondering if I can negotiate with the car finance company
or will I have to pay the full pay off amount: $13,538?

Answer 1

Nope...you are responsible for the full value of the loan from the minute you signed your name on the contract. Kind of stinks but it's the drawback of signing loans with high interest rates with little down payment.

Answer 2

First, talk to the credit union and see how much they'll loan you based on your wages and credit rating. A 1997 might be too old for even a credit union to loan you money, so you might want to find out about that first. Then go to the dealer and get the VIN (Vehicle Identification Number) of the car. You can ask them for it, sometimes you can see it on the dashboard through the windshield, or it may even be on the dealer's website. You'll want the VIN so you can get a CARFAX report from the CARFAX website and see if this car has been in any major accidents. You'll also want it for the insurance company so they can tell you what they'll charge to insure it. Get a few quotes for the same amount of coverage, and ask friends, especially friends who've had insurance claims, for their recommendations. For my two cents worth, I'd try AAA Insurance. Look at the auto issues of Consumer Reports to get an idea about the reliability of this vehicle. Get the Kelley Blue Book price for this vehicle before you make an offer, and don't be afraid to walk away if they want too much for it. There are plenty of used cars out there, and plenty of dealers too.

Answer 3

Sounds like the amount they give you is the payout figure, that's not negotiable.