Help With Bankruptcy » Blog Archive » I have a car I’m upside down in, will a bank negotiate a new balance if I go into bankruptcy?

I have a car I’m upside down in, will a bank negotiate a new balance if I go into bankruptcy?

My loan balance is $21,000 on my 05 Pacifica. I am an auto dealer and I can run auction reports and I know the car sells for 10,000 in the auction. Do you think Wachovia will negotiate a new loan based on what they will get for the car in the auction? The alternative is to throw the car into my bankruptcy and give it back anyway. Anybody have any insight on this?

They won’t negotiate on the loan you owe them $15,000 & they will make you pay that. If ou don’t pay they will repo the car & you will have to pay the balance they can even garish your wages through the courts.

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This entry was posted on Wednesday, July 28th, 2010 at 7:49 am and is filed under 8. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “I have a car I’m upside down in, will a bank negotiate a new balance if I go into bankruptcy?”

Llani Says:
July 28th, 2010 at 8:25 am
Sorry to say so but it is very unlikely. All you can do is ask, it’s embarrassing, but then you know for sure.
References :
bubiandme Says:
July 28th, 2010 at 8:53 am
They won’t negotiate on the loan you owe them $15,000 & they will make you pay that. If ou don’t pay they will repo the car & you will have to pay the balance they can even garish your wages through the courts.
References :

I have a car I’m upside down in, will a bank negotiate a new balance if I go into bankruptcy?

2 Responses to “I have a car I’m upside down in, will a bank negotiate a new balance if I go into bankruptcy?”

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