We have a loan through Wells Fargo for our 2006 Nissan Titan. We are SEVERELY upside down on the loan. We have had several extensions and late charges on the truck. In other words, we've had trouble paying the loan almost since the beginning. Anyhow, we are fixing to receive a settlement for approximately $13,000. We still owe about $16,000 on the truck. The truck is only worth about $8000 (if we're lucky)!!! We are current right now, but we do have an extension on the loan. The next note is due on December 28th of this year. We pay $456.95 a month for the truck and the note is killing us, not to mention the cost of gas! We NEED to get out from under this note or we'll be more broke than we need to be for years. I really want to take the settlement money we get and pay the truck off. I am hoping that we could possibly settle for less than we owe on the truck. What's the likelihood of this happening, and how should we go about asking for this kind of mercy from the loan holder? What steps should we take in order to get them to work with us? Please advise! Thanks in advance.
Jenna
