Auto Loan Modification Service
Auto Loan Payment Reduction
Are You About To Lose Your Car?
We can help you!
Car Repossessions are at an all time high! Let’s avoid this happening to you!
Auto Loan Modification Service:
· We negotiate with banks to significantly reduce car owner’s payments in order to prevent repossession.
· Service available for auto financing provided by most major lenders (Chase, Key, Citi, BofA, GMAC, Wells Fargo, etc)
Car Owner Qualifications:
· Must be 30 to 60 days late
· Must have steady source of income
· Must have a legitimate hardship
· Must be ready to start paying again as soon as loan modification is approved
Loan Modification Result Expectations:
· Depends on bank, individual and other variables
· Results range from 0% interest of 30% reduction in car payment amount
· Takes 7 to 30 days to complete. Sometimes a little longer
Service Fees:
· Call for an estimate.
· Depends on value of the loan and lender and other variables
More Info:
- Oscar Morante
- info@nwlossmit.com
- 971-222-3734
Vehicle Loan Modification FAQs
What is exactly that you can do for me?
- Reduce your monthly auto loan payment. We can work in your behalf to convince the bank to change your auto loan terms such that you can keep your vehicle.
Can you help anyone with any one?
- We can help most people that have income. If you have steady income, most likely we can help you. Call us to pre-qualify you.
What kind of auto financing can you help with?
- We work with auto loans only. For the moment we do not do any leases.
Which banks do you work with?
- We work mostly with major banks such as Key Bank, Wells Fargo, Chase, Citi, etc. These, together with credit unions, are open to modifying the auto loan.
What lenders do you not work with?
- We avoid working with high interest rate, high risk type of lenders. These creditors tend to be unforgiving and reposes ASAP. We don’t even try them.
What other type of vehicles do you work with?
- We can do boats and motorcycles.
How do I know if I qualify for a vehicle loan modification?
- Steady income. Banks love that.
- Legitimate hardship. Demonstrate that it is because of a hardship that payments were missed. Not because of carelessness.
- Be behind in payments. Ideally be in default between 30 to less than 60 days late. No much more than that.
- Car should be insured.
Should I stop paying in order to get an auto loan mod?
- That is a tough call. There are plenty of risks associated with missing car payments. If you missed a payment because you at that moment could not afford it is one thing. To miss payments to get a mod, is another. Be careful.
Can I do my car loan mod if I am in bankruptcy?
- Ideally you do the car mod before the BK. We can connect you with an attorney.
How does an auto loan mod affect my credit?
- If you are already behind with your auto loan, the damage has been done. The mod will actually get you out of the default status.
Do you do auto loan mods for people not behind in payments?
- No. The reason is simple. If you are paying, the bank will want to keep things like that. There is nothing a banker likes better than people paying on time. So, most likely, they will not modify your loan if you are paying. That is why we don’t accept auto loan mods requests from people up-to-date in payments.
What happens if I get my car repossessed?
- The car will be taken from you and re-sold at wholesale auction to a dealer. You will be liable for whatever losses the lender had. The amount will be based on their calculations, not yours. So you will not have the car but will still owe on it.
Why will the bank do an auto loan mod?
- Because they will lose a lot less this way. If they take car, they will have un-performing debt, which is a bad asset. If they help you, they will have performing debt, which is a god asset.
Do banks always accept auto loan modification requests?
- Not always. This is a negotiation. However, we are excelent at selecting high probability situations and avoiding others. If it is convenient to them, they will offer a modification. No a days there are so many repossessions, and so many cars sold at auction, that the banks are very willing to modify.
Are home mortgage modifications similar to auto loan modifications?
- Auto loan modifications are very similar to home loan mods, but much easier.
What law regulates vehicle repossessions?
- Vehicle repossession law is based on the Universal Commercial Code (UCC) and state law.
When do auto loan mods work best?
- They work best with newer vehicles, financed by major banks, with owners with steady but reduced income.
Can I do this my self? If so why should I hire you?
- Yes you can do it your self. However, you will have to re-invent the wheel. We are in the loss mitigation business and have systems in place for this. In addition, if you are un-available at business hours, most likely you will not be able to effectively negotiate with the creditors. We have the expertise, systems and time.
How long does it take to complete the auto loan mod?
- It takes one to four weeks.
How much do you charge?
- Call for an estimate at 866-724-4292.
- Better yet. Complete the form below.
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How can I lower my car payment?
- Call 866-724-4292.
- Better yet. Complete the form below.
