Auto Financing Solutions
auto financing solutions
Really Late on Auto Loan, What can my friend do?
Really late on loan, he was in the hospital for over 6 months ect. In a motorcycle accident, lost job and moved out of state.
Now hes settled again and put back together.
He have already negotiated all other debt. He hasn’t called his auto finance company yet. I was wondering if they would reset his loan or if he could offer a lower pay off. He owe about 19k would they settle for like 6k or something. Any ideas? Please no negativity just helpful solutions.
He may be able to work out a deal where they add the missed payments to the end of the loan, but they will not settle the account for less than what he owes.
If he still has the vehicle, he needs to send in a payment today!! If the bank accepts the payment, they can not repo the car for a month! This will give him a little time to try to work out a repayment schedule with the bank!
He should have been in contact with them as soon as he knew he was not going to be able to make the payments, but hindsight is 20/20
