San Diego North Valley CA – I just saw a story in the news. It appears that some companies were charging $275 to $400 for car payment reductions. They would attempt to negotiate lower payments with the lender on the car loan.
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The only problem was that lenders were unwilling to offer payment reductions. I agree with the premise that auto lenders should be willing to reduce payments in certain circumstances.
For example, many car leasing 
companies would not offer to sell cars at the end of a lease for the fair market value. In many cases, the person who had leased the car was interested in purchasing it.
However, the lender wanted X for the car and wouldn’t budge. Sounds like a smart decision for the lender, right? It’s almost like they were thinking, “Stand up for what you believe in! That’s all you need to do to be successful in business.”
However, what happens with those cars that they are unwilling to sell for fair market value. They are sold at a car auction. A car dealership will probably buy the car and sell it for fair market value.
Only the leasing company also loses the markup and profit the car dealer makes. Another great decision by these banks!
Aren’t these people in the business of trying to make money?! They are just making more bad decisions for their stockholders. Or, if they lose enough money, they’ll ask Uncle Sam for another bailout.
Meanwhile the Average Jose isn’t getting bailed out! The good news is that most lenders are willing to grant loan modifications for home loans. The bad news is it is hard to get a meaningful payment reduction.
Either way, I am here to help. Get more information on how you can short sale your property and request a consultation by clicking here.
Thinking about a loan modification? Our San Diego North Valley Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
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