Can I give my financed car back?

If you’ve yet to pay off 50% of the loan then you’ll have to make up the difference if you want to hand the car back. You can return it, but you’ll probably have to pay back any remaining money you owe on the contract, so if you still have a year left, then the lender will expect a year’s worth of fees up front.

Will a dealership buy me out of my loan?

Most of these dealerships even promise to pay off the balance on your auto loan. However, unless your local dealership is a charity, it will not make your loan disappear; they will pay off what you owe your lender and find a way to factor the expense incurred into the price of the vehicle you purchase.

How long does it take for dealer to settle finance?

As part of the deal they will have obtained a settlement figure on the old agreement, this figure is valid for around 28 days so the finance can be settled anytime up until the specified date with no further charges or interest added.

How can I get a settlement letter from a bank?

Some of the large banks will not release a settlement letter to you until your payment arrangements are set up in their computer system. They will request that you give them specific electronic or ACH payment information over the phone first. Should you agree to this? Yes, in some instances.

Can a debt be settled over the phone?

Negotiating and agreeing on an amount you will settle a debt for is primarily going to be done over the phone. Once you have a verbal agreement, it must be followed up with documentation. The settlement letter should meet certain requirements before you remit payment in full, or make a partial payment.

How to settle with a third party debt collector?

Settling with a third-party debt collector means you must get the above details documented before remitting any payment towards the agreement. If the above bulleted items are missing from your settlement letter, you should request a different letter be sent to you that meets the above specifications. Setting up an agreement with without a letter.

How to sell a car when the bank has the title?

However, if the buyer is paying cash, just get the money, or a cashier’s check, and provide him/her with a bill of sale. After you have the money from the sale of the vehicle, convert the cash to a cashier’s check or money order and send it to your bank. Consider sending the payment via priority mail in order to avoid delays.