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Can I negotiate my car loan with the bank?
I was reading about this the other day and don't know if its true or not; and really dont want to through up any flags to the bank about my loan. But i heard that you can contact your bank or who you have the loan and negotiate the car loan to a lower amount, usually if you have paid for about 2 years and have more than 3% interest on the loan.
Anyway, so I have the loan through Infiniti Financial and I owe $XX,XXX on my car loan, but the car is worth about 25% less than what I owe, even tho I did put down over 10% and I have a decent interest rate, just the resale value is not that great.
I called Infiniti Financial and they said I can refinance the loan, but i will get a higher interest rate, which is stupid but they gave me a "pay off" amount which is exactly the same as what is on my damn statement and said thats is the best they can do. Obviously im sure there is something else that can be done, but I didnt know if i had to write a letter to them or anything else, and not sure if anyone else has tried this before
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