Can I negotiate my car loan payoff amount?

I'm trying to lower my bills. Being able to negotiate the payoff amount for my car would help with this.

Answer
“In the vast majority of cases, no. Lenders have a contractually binding agreement with you, and they’re unlikely to take less money or negotiate a car loan payoff.
However, you might be able to get them to play ball if you’re on the brink of financial ruin. For example, if you’re close to bankruptcy, telling your lender and then offering a final lump sum may sway them. Just make sure to get the terms in writing to cover yourself. “
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Eric Schad
Answered on Apr 07, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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