I am a lucky girl. I think. I have fallen behind on my car payments and the Repo man came to my house while I was gone. Not your standard Repo scenario here. I called him and he was VERY nice to me. He suggested I call the the loan company and see what I can do, otherwise, he will have to come and take the car. I called the creditor. Again, VERY nice person. She told me what I needed to pay to make this right and then asked if I am in any position to negotiate a settlement and purchase the car outright. I gave her an amount I was willing to pay and she accepted! I couldn't believe it. She is giving me 3 days to get the funds together and send it to her.
Now I want to make sure this isn't going to go south. I don't want them to take my money and then say- forget it, no sale- you still owe another $4,000, cough it up. So I want to send a letter to the them with the agreement outlined but I want to make sure I include everything in the letter. Please let me know what to include. She said they would send the title once I made the payment. She also agreed I would not pay taxes on the balance that is not paid - would not be listed as income.
After a little bit of research on this site, it looks like I need THE CREDITOR to send me a letter. What should I look for in the letter and what should I be leary of?
Now I want to make sure this isn't going to go south. I don't want them to take my money and then say- forget it, no sale- you still owe another $4,000, cough it up. So I want to send a letter to the them with the agreement outlined but I want to make sure I include everything in the letter. Please let me know what to include. She said they would send the title once I made the payment. She also agreed I would not pay taxes on the balance that is not paid - would not be listed as income.
After a little bit of research on this site, it looks like I need THE CREDITOR to send me a letter. What should I look for in the letter and what should I be leary of?