You are here:
- Home
- Business
- Corporate Law
- Collections Law
- pay off repo car loan
Collections Law/pay off repo car loan
Advertisement
Question
I got my car repo'd about 4 yrs.ago. Know I just got served to go to court to pay this loan off. But i talked to the layers that served me and they say to go to their office to talk about my money situation how much can I afford to pay a month thats what they want to know. Are they able to accept half the loan payoff at one time deal. please reply
Most creditors when trying to collect a bad debt will consider a lump sum settlement for less than is owed. Offer them 30-40% see how they respond. If they make you a counter offerdon'tt be too quick to concede. Hold to your offer or inch your offer up just a bit. Draw a line at the maximum you can pay and stick to it. If they wont make concessions go to court and make the offer to settle. If you need help negotiating this let me know, this is what we do at Financial Emergency 937 372 8581.
Related Articles
- How to Buy Your First Car - Save Money on Your New Car
- Should I Take Advantage of the Cash for Clunkers Program?
- How to Shop for a Car Loan - How to Get an Automobile Loan
- 401(k) Loans - Nine Things to Know About Borrowing from Your 401(k)
- Refund Anticipation Loans - Definition - How Refund Anticipation Loans Work
Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
©2012 About.com, a part of The New York Times Company. All rights reserved.