Can I negotiate my car loan with the bank? - GoFuckYourself.com

96ukssob · 12-18-2008, 01:23 PM

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

qwe · 12-18-2008, 01:45 PM

u can't...

B2BwithJoeD · 12-18-2008, 01:45 PM

I know this does not help, but try to run your car loans through your personal banker or credit union where you have numerous relationships and more bargaining power...

You could walk into your bank right now and they would likely give you at least half a point reduction, maybe more - that also goes for home equity and mortgage loans for anyone out there thinking about this too... Just ask, if your credit score is closer to 800 than not and you have multiple accounts, loans and cards, and never been late, you'll be surprised...

In this instance, I would fedex a letter to the CEO of Infiniti Financial and state a cause - would go more with state of the economy/income reduction than depreciation - they'll delegate it to someone with likely more capacity than whoever on the phone - again, it's surprising what happens sometimes if you just ask...

Daddy Big Nuts · 12-18-2008, 01:58 PM

Quote:

Originally Posted by B2BwithJoeD

I know this does not help, but try to run your car loans through your personal banker or credit union where you have numerous relationships and more bargaining power...

You could walk into your bank right now and they would likely give you at least half a point reduction, maybe more - that also goes for home equity and mortgage loans for anyone out there thinking about this too... Just ask, if your credit score is closer to 800 than not and you have multiple accounts, loans and cards, and never been late, you'll be surprised...

In this instance, I would fedex a letter to the CEO of Infiniti Financial and state a cause - would go more with state of the economy/income reduction than depreciation - they'll delegate it to someone with likely more capacity than whoever on the phone - again, it's surprising what happens sometimes if you just ask...

Good advice.....

Barefootsies · 12-18-2008, 02:01 PM

Quote:

Originally Posted by Daddy Big Nuts

Good advice.....

Yes it is.

I refinanced through my credit union, and it significantly dropped my interest rate.

I also had only been in my initial loan for less than a year before doing this. So received money back on my GAP insurance, and warranty to the tune of $4k!!!!

So it was well worth it.

Supz · 12-18-2008, 03:45 PM

you can refinance, 125% is nothing on a car loan. You cannot negotiate the amount that you paid for your car. you should have done that with the dealership when you bought it.

deniska · 12-18-2008, 03:49 PM

10% is not that much to put down on an auto loan the depreciation will eat that up real quick probably as soon as you pull out of the dealership.

kane · 12-18-2008, 05:29 PM

As others have said you can negotiate with banks on interest rates and length of loan and things like that. The balance, however, you are probably stuck with (or at least the payoff amount of the loan). One of the major problems with car loans is that the cars depreciate in value quickly. You pay 20K for a car and a year later it can be worth 10-12K, unfortunately that is just the nature of the beast with car loans.

Like others have said go to your local bank that knows you, tell them your situation and see what they can do for you. With things like they are right now they would probably welcome the chance to make a loan like this to one of their regular customers.

Wagerboy · 12-18-2008, 07:15 PM

yup local bank is the key. someone said 125% on a loan isnt anything? you best have 800+ credit. most now a days is about of 110% of left side of nada. soemone else said send a letter to the ceo of infinity? lol..im not even going to comment on that retarded statement. Do that and watch your acct get red flagged FAST. Not to mention he would sent it around, prolly to the entire company with the email subject being "look at this dick" Call your bank.

tical · 12-18-2008, 08:44 PM

my friend called the finance company that his car is under and said he is afraid he can't make payments anymore & they readjusted it for him no questions asked

12-18-2008, 01:23 PM	#1
96ukssob So Fucking Banananananas Industry Role: Join Date: Mar 2003 Location: If I was in your ass you'd know it Posts: 12,991	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 __________________ Email: Clicky on Me

12-18-2008, 01:45 PM	#3
B2BwithJoeD Confirmed User Industry Role: Join Date: Apr 2004 Location: PayoutMag.com Posts: 1,390	Europeans Billing Europe! I know this does not help, but try to run your car loans through your personal banker or credit union where you have numerous relationships and more bargaining power... You could walk into your bank right now and they would likely give you at least half a point reduction, maybe more - that also goes for home equity and mortgage loans for anyone out there thinking about this too... Just ask, if your credit score is closer to 800 than not and you have multiple accounts, loans and cards, and never been late, you'll be surprised... In this instance, I would fedex a letter to the CEO of Infiniti Financial and state a cause - would go more with state of the economy/income reduction than depreciation - they'll delegate it to someone with likely more capacity than whoever on the phone - again, it's surprising what happens sometimes if you just ask... __________________ BLOG IT! How Will You Spend Your 2014 Profits? - PayoutMag.com Ask me About - Unique Processing and Marketing Solutions - Your Only Risk Is More Revenue!

12-18-2008, 07:15 PM	#9
Wagerboy Confirmed User Join Date: Jul 2006 Posts: 2,290	yup local bank is the key. someone said 125% on a loan isnt anything? you best have 800+ credit. most now a days is about of 110% of left side of nada. soemone else said send a letter to the ceo of infinity? lol..im not even going to comment on that retarded statement. Do that and watch your acct get red flagged FAST. Not to mention he would sent it around, prolly to the entire company with the email subject being "look at this dick" Call your bank. __________________ The Main Program That Makes Me Fucking Money!! Teens Getting Pounded

12-18-2008, 08:44 PM	#10
tical Confirmed User Join Date: Feb 2002 Location: Las Vegas Posts: 6,504	my friend called the finance company that his car is under and said he is afraid he can't make payments anymore & they readjusted it for him no questions asked __________________ 112.020.756

12-18-2008, 01:45 PM	#2
qwe Confirmed User Join Date: Jul 2003 Posts: 2,109	u can't...

12-18-2008, 03:45 PM	#6
Supz Arthur Flegenheimer Industry Role: Join Date: Jul 2006 Location: New York City Posts: 11,057	you can refinance, 125% is nothing on a car loan. You cannot negotiate the amount that you paid for your car. you should have done that with the dealership when you bought it.

12-18-2008, 03:49 PM	#7
deniska Confirmed User Industry Role: Join Date: Mar 2001 Location: Miami Beach, FL Posts: 1,053	10% is not that much to put down on an auto loan the depreciation will eat that up real quick probably as soon as you pull out of the dealership.

12-18-2008, 05:29 PM	#8
kane Too lazy to set a custom title Join Date: Aug 2001 Location: portland, OR Posts: 20,684	As others have said you can negotiate with banks on interest rates and length of loan and things like that. The balance, however, you are probably stuck with (or at least the payoff amount of the loan). One of the major problems with car loans is that the cars depreciate in value quickly. You pay 20K for a car and a year later it can be worth 10-12K, unfortunately that is just the nature of the beast with car loans. Like others have said go to your local bank that knows you, tell them your situation and see what they can do for you. With things like they are right now they would probably welcome the chance to make a loan like this to one of their regular customers.