Modifications

[nitag]

Hey all... The weekend is almost here YEAH!!! So my husband has nicknamed me the modification queen.. I have now had success in modifing all 3 of our car loans...We were paying 644.88 for my car, new payment 322.44 - 565.18 on my husbands truck - new payment 387.17 - and on the sore subject car 290 - now 185...

Was paying : $1500.06 a month
Now paying: $894.61 a month
a total savings of $605.45 a month and then with my home loan being almost 1200 a month cheaper its like wow...

Just thought I would share the good news

nitag
_____________________________
I fought Avelo Mortgage and won!!

[RudyJay]

That is surely impressive.. Hey with all the savings its like having another job each month.. Have a good weekend.. I am working on trying to get my 2nd mort. lowered.. rj

[schwefls]

Nitag: How the hell do you modify a car loan this I have to know, please do share

[Moe Bedard]

Yes please do share that one..............

What did you say and do...........please......

Toyota Motor Credit says they don't modify loans.............

where have I heard that one before

[RudyJay]

Well yeh during my loan mod wait one of the things I did was to get rid of a car payment. The company would negotiate on it either. I was ready to just let it go .. but we already paid a bunch of it.

[nitag]

Good Morning all...

Ok here is my car mod story.. I have a 07 Tahoe Financed through my credit union, they were easy to work with for the most part. I called and said I couldn't afford it and explained we had a huge reduction in our income ect. They had me fax a hardship letter explaining what our hardship was. They cut the interest rate from 8% to 2.5% for the life of the loan, extended it for 1 year and faxed me the info, I signed and faxed back, took about 2 weeks total.

We have an 05 Chevy Cobalt and an 05 Chevy truck financed through HSBC - They were a little bit harder to work with. The 05 Cobalt I financed for my stepson (bad idea) he turned out to be a punk (sorry I don't know how to put it any softer) we had to fly to Arizona and take it from him in the middle of the night last summer. Long story!!! I called HSBC about 2 months ago and told them to come pick it up cuz I swear everytime I look at it I want to drive it up his A@@ and it sits in our garage and collects dust at this point. I had to talk to HSBC daily about it, the calls were terrible, my boss answered and asked them to not call me at work.. I had a skip a payment which I used and then when I didn't make this last payment they used the option of changing the due date so I really never missed a payment, they sent me a letter saying "Please call us we want to help you stay in your car. Have your financial information together and you might qualify to have your loan terms changed." I called and when I did I asked about the truck too. I was on the phone for about 15 mins, gave her all my info and its done, both loans with HSBC are modified. It does extend the loan which isn't that great but our interest rates are so low and I honestly need the lower payment right now. When work picks up for the hubby I can send more towards the principal and pay them off...

It can be done, you just have to play hardball and I have apparently got good at it. And I honestly think the car repos have become a nightmare just like housing...

nitag

[Moe Bedard]

Not in my case.....I wish I had as easy a time as you have...........I tried to tell Toyota Motor Credit.......to come get the vehicle to call their bluff.......or modify the terms of the loan.......and they wouldn't modify the terms at all, and they said if I go to the 60 day mark they will file to come take the vehicle...........so no help for them at all..........I am at 9.9...........so I just need a lower interest rate so the payment could be lowered.........and then I could do handle it just fine......just had a drop in income this year since purchasing the vehicle 2 yrs ago.........was fine until then.......
and of course because of the housing mess and what it has done to my credit I can't refi my vehicle either.........

[nitag]

Don't give up..... Keep trying, we are good at this

[Moe Bedard]

Here is a good one..............

Those bastards would rather take my car and sell it at auction for alot less than what I paid for it.........rather than lower my interest rate and get the full value that I paid for it......

What sucks is that I have a good history with Toyota Motor Credit since 1989.......so much for loyalty........

[Tom H]

That's amazing that they worked with you. I can't believe the credit card companies either. I have a credit card with BoA and the interest rate shot up from 8% to nearly 25% so I called and asked if they'd lower the rate. They said "sorry, we don't have any programs for you right now Mr. X"

Long story short I paid the card off last month and low and behold this month I get a letter from them telling me my interest rate is now back down to 8%.

These folks have you in a vice and generally will do their best to keep you there.

I am slowly working my way towards a cash only form of consumerism; it will take me a while but that certainly seems the way to go. Before I had bought this over-priced home I actually had become debt-free and I let this magical equity tour convince me that credit may not actually not be such a bad thing and for a while I was actually 'comfortable' with my debt. That was certainly a mirage.

[jennifer]

NITAG
YOU ARE A TRUE MOD HERO !!!

jennifer

[schwefls]

I'm ready for round 2 car payment here I come 1st thing Monday morning

[RudyJay]

Well one of our car loans was at 21.9%// I wanted to have them come get it.. but when I checked around .. we probably would have had to pay more to the company after auction. So my sister bought it for the balance... gas here is 4.12/gal and it is a Chevy. Not easy to sell in this market.

[RudyJay]

I notice my typing is not improving ... in a previous post it looked like I said the company CPS (lender) would negotiate but they WOULD NOT.

[nitag]

When I was playing hard ball with the credit union about my Tahoe the lady actually told me that they would sell it for 18,000. Its an 07 with 12000 miles... I thought whatever if your that stupid.. I honestly don't know how I got all 3 car loans done.

Not to change the subject but I just got back from seeing Sex in the City and I loved it... It was a wonderful day without the husband

Hope you all are having a great weekend...

nitag

[scarednmontana]

Nitag, thats just awesome...our rates are 16% on our two gmc trucks...Im gonna have to speak with our credit union on that...I have noticed im getting letters from our credit card companies offering help during this difficult time...we will see who is serious...Our credit union has been great but I will have to talk to them about these rates because we too can't do much else with our credit and if we offload a truck it will be difficult to repurchase later due to our credit now....Gonna be working on this first thing also just thought but im thinking I will be sending some hardship letters to our credit card companies too....

[colahhh08]

YOu are for sure a MOD QUEEN !! So who did you ask to speak with at your CU? I have a 10.9% loan that I want to modify with my CU.

Thanks-CRaig

[elpjohnson]

nitag,

I love this thread!!! I think it's fantastic that you have been able to modify ALL of your loans.....awesome just awesome! It is also fantastic that you are sharing this information with us so that we can do the same, talk about paying it forward. Thanks so much for the info and God bless you and your family.

[wtbdj]

BLESS YOU!!! I just wrote my hardship letter to the credit union that holds our auto loan! Thank you for the inspiration!

[scarednmontana]

Not to change the subject but where did our little fun colors and smilies go....they are there for the titles but not available for our replies....PS..these are the things you think of when you have already read all the new posts...haha...

[Andrew]

We turned them off because of the Spammers.

[schwefls]

Nitag:

Wish me luck I sent a hardship letter certified mail return receipt requested to the CEO for my car loan begging for a mod. I will keep you posted.

[jennifer]

Lynn
I raise my glass in toasting " TO LUCK "

[schwefls]

Thanx Jennifer

[revcarrie]

This is fantastic! I have a handicap assessable van that I reaffirmed through a BK. These vans have 10 year "mortages" on them and some cost the same as a small house in some states! It is 7.3 for ten. I bought it in '05 and it is an '04 and had 1800 miles on it when I got it. It took me a full year to find one. I've never missed a payment or been late, always early. I wonder. 6.0% would bring the payment down a little over $100. Humm! Now I know what I will be doing tomorrow morning.
Thanks a million!