You can try to refinance a delinquent auto loan. If you try to settle it, then you'll be responsible for the deficient amount.

We have become delinquent on our car loan with Regional Acceptance Auto and is there a letter that I can send to them to ask for some kind of release from the loan which will I know will be reflected on our credit report as a repossession but what are the chances that they will not sue us for the remaining balance of the loan?

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If this is the condition, then things can get difficult at the end of the day. You see, if the car goes on to cover the debt amount, then it should be okay. Otherwise, you're going to be sued for the deficient money. You can take a look at the program “Make A Promise To Pay” which is a good way to get you out of this financial issue.

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We are almost three months behind. I had asked them if they could allow for refinancing of the note but they state that they only deal with car dealerships and that I would have to find my own refinancing with my bank or other means. Needless to say, it doesn't look good for us and I wondered if OVLG takes on this type of account too? Thank you for your reply. In reference to your note about trying to reach a settlement with them, you mean after the surrender takes place right?

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Hi, could you please specify how long has it been since you became delinquent? Apart from that, you should also understand the fact that there is no question of repossession in this case. You could only approach Regional Acceptance Auto with a settlement offer and see whether or not they're willing. If they agree to a settlement, then suing you for the remaining balance of the loan would be out of the question. Herein make sure of the fact that you've got everything in writing. This is essential for even if they come after you unnecessarily, you'll still have the right documents to prove yourself.


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