Maybe a dumb question (haggling car buyout?)
03-03-2007, 11:31 AM
#1
teh Senior Instigator
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Maybe a dumb question (haggling car buyout?)
We owe about 10K still on Adri's accord and I want to pay it off this week. Can I haggle that 10K at all? Say I'll give you 8K now sort of thing? We have people that do that with us at Xerox. I know it may be a stretch, but who knows.
03-03-2007, 12:07 PM
#3
Three Wheelin'
The only time you can haggle with a lump payment is with credit card debt.
If you are a high risk borrower, they would rather take 75% of what you owe immediately and rather not risk you continuing to make payments over the remainder of the period required to pay off the debt.
This way they are atleast guaranteed money.
But with a car, they atleast have collateral. If you would cease to make your car payments, say goodbye to your baby. Where as with CC, if you stop making payments, the company is shit out of luck because there is nothing of substance to recover.
There is not as much risk as with CC debt, so just like CGTSX2004 said, there is no benefit for the company to get an early payoff.
If you are a high risk borrower, they would rather take 75% of what you owe immediately and rather not risk you continuing to make payments over the remainder of the period required to pay off the debt.
This way they are atleast guaranteed money.
But with a car, they atleast have collateral. If you would cease to make your car payments, say goodbye to your baby. Where as with CC, if you stop making payments, the company is shit out of luck because there is nothing of substance to recover.
There is not as much risk as with CC debt, so just like CGTSX2004 said, there is no benefit for the company to get an early payoff.
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03-03-2007, 02:15 PM
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teh Senior Instigator
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Originally Posted by Scrib
Any smart bank would say no... Especially if you're a low credit risk.
what if you are a high credit risk
03-03-2007, 02:35 PM
#9
No, But if it was leased, & your lease was over, you may be able to work on the buy price of the car. A lot depends on the dealer you turn it into.
But a finance you already haggled the price in the deal. It's a signed deal, a contract, I see no reason a bank or finance co would want to loose $.
But a finance you already haggled the price in the deal. It's a signed deal, a contract, I see no reason a bank or finance co would want to loose $.
03-03-2007, 03:05 PM
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teh Senior Instigator
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Originally Posted by fuzzy02CLS
No, But if it was leased, & your lease was over, you may be able to work on the buy price of the car. A lot depends on the dealer you turn it into.
But a finance you already haggled the price in the deal. It's a signed deal, a contract, I see no reason a bank or finance co would want to loose $.
But a finance you already haggled the price in the deal. It's a signed deal, a contract, I see no reason a bank or finance co would want to loose $.
that was my thinking, just wanted to see if it was an option
03-03-2007, 06:43 PM
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As was said, on a finance, there is no negotiation, the payoff is what it is. You either pay it off, or keep paying until it is paid off in full. You will save on some of the financing if you paid it off sooner though.
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