PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Can I negotiate a car loan payoff settlement?
I recently started a new job with a much higher salary than my previous one. I now have the cash to pay off the remainder of my car loan, but they are asking for much more than the remaining balance. Can I negotiate my car loan payoff settlement?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the new job!
Paying off the remainder of a
car loan
can be tricky and only sometimes can you negotiate the amount to pay off. Much of the decision comes down to your lender and the terms you agreed to at the start of your car loan.It is not in the lender’s best interest to have you pay off the loan early, as they make a profit using the interest rate and can repossess the car if you fail to make payments. The increase in the total cost to be paid is likely a reflection of the money lost by your decision to pay before the loan period is complete.
If the first person you speak with refuses to negotiate, ask for their supervisor and see if you can find someone who will work with you. There are times when negotiation is just simply not an option, but it never hurts to ask around.
Hopefully, you can reach an agreement you are comfortable with!
You never want to feel like you are overpaying or being taken advantage of in a loan agreement, and the same goes for
car insurance
. Since you are already reviewing your auto finances, it may be a good time to review your car insurance policy and cost. Consider using a comparison and shopping tool like
Jerry
to ensure you are not overpaying! Jerry is an app that shops the lowest insurance rates with over 50+ insurance providers for free and will continue to monitor your policy every renewal. The average Jerry driver saves $879 a year on car insurance!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
