I'm way behind on my car loan with Wachovia. Would they take less than the loan amount to clear my debt if I could pay a lump sum? Who knows what kind of deals a bank might make to close out a loan that's in default. It can't hurt to see what the bank might do. But be aware that it's still a negative mark on your credit report even if the bank agrees to take less than what is owed. advertisementRelated Links:Vehicle leases going upOld loan not added to newCan't sell leased carRelated Articles:Bankrate's 2008 new car guideAuto loans 101Can spending $55 save a driver's life?
I'm way behind on my car loan with Wachovia. Would they take less than the loan amount to clear my debt if I could pay a lump sum?
Who knows what kind of deals a bank might make to close out a loan that's in default. It can't hurt to see what the bank might do. But be aware that it's still a negative mark on your credit report even if the bank agrees to take less than what is owed.
A little research could save you BIG on interest.