Can I negotiate the price of my car if I stopped making payments, and my bank charged off the loan?

"After losing my job, I didn't pay my car note for over a year. I've hidden my vehicle, so it can't be repossessed.

I'm working now and have some money saved up. Can I negotiate with the bank to purchase my vehicle at a discounted rate, as they've charged it off?"

Answer provided by
Eric Schad
Answered on Jun 18, 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.
“No, you can’t negotiate a price with the bank. Because you stopped making payments, and strained your relationship with your lender, they’re unlikely to haggle.
In all likelihood, you’ll either have to give the vehicle back or pay it off in full. After not paying for over a year, your credit is probably in shambles, so it doesn’t really matter which option you choose.
Either way, you should make a decision as soon as possible to avoid constant harassment from creditors and collection agencies.”

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