Trying to settle on a charged off auto loan

[msmee]

I have searched the forums and I can't find the solution to my problem.

I had a repossession in 2007 for which I currently owe $6700. There's no way I can pay this and maintain a 19-year old car so I am going to try and settle with them the end of this month. What would be an acceptable percentage of the balance to offer them? I was going to offer 25% of the total balance since the customer service rep was less than helpful and just asked me to pull a number out of a hat. I'm not worried about the impact of settled versus paid in full as my credit is already down the toilet.

[Jazzzy]

It doesn't hurt to start at 25%. They will likely counter.

Have you read in these forums about making a "pay for delete" offer? In that case, you would offer to pay them a certain amount in exchange for them deleting it from all your credit reports when they accept that amount. That gets it off your record. This needs to be agreed to in writing by them before you pay them anything. Are you dealing with the original creditor or with a collection agency?

You may want to do some reading and searching on the Rebuilding Your Credit forum on pay for delete (PFD). They may not go for it, but it's worth a try.