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I have a car I'm upside down in, will a bank negotiate a new balance if I go into bankruptcy?
9th February 2011
My loan balance is ,000 on my 05 Pacifica. I am an auto dealer and I can run auction reports and I know the car sells for 10,000 in the auction. Do you think Wachovia will negotiate a new loan based on what they will get for the car in the auction? The alternative is to throw the car into my bankruptcy and give it back anyway. Anybody have any insight on this?
Posted in: Auction FAQ | | Comments (2)
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Sorry to say so but it is very unlikely. All you can do is ask, it’s embarrassing, but then you know for sure.
Comment by Llani — February 9, 2011 @ 2:25 am
They won’t negotiate on the loan you owe them $15,000 & they will make you pay that. If ou don’t pay they will repo the car & you will have to pay the balance they can even garish your wages through the courts.
Comment by bubiandme — February 9, 2011 @ 2:25 am