CarMax Auto Loan Forgiveness

[eblackman]

Hello everyone i paid off my auto loan for CarMax a month ago but still owe around 700.00 in late fees and interest. Midway through my auto loan i lost my jobs and i had to struggle to make payments. Does anyone have a name and contact information that i cna send a letter  or email to ask maybe to forgive the remaiing amout. Its worth a try right.

A sample letter would hurt either.

Thank you everyone for your time.

Eugene 

[sccredit]

That is a Santander loan, you are better off to pay it.

[StartingOver10]

Agree 100% with the prior poster.

You will buy more trouble than it is worth if you try to not pay the $700.  Did they send you the title yet? If not, that is one of the ways they can leverage the debt. Another way is by getting a judgment against you, after appropriate collection period.  They can turn a satisfactorially paid tradeline into one that ends up in a charge off.....not worth it for $700

[jim44]

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@StartingOver10 wrote:

Agree 100% with the prior poster.

You will buy more trouble than it is worth if you try to not pay the $700.  Did they send you the title yet? If not, that is one of the ways they can leverage the debt. Another way is by getting a judgment against you, after appropriate collection period.  They can turn a satisfactorially paid tradeline into one that ends up in a charge off.....not worth it for $700

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+1  Santanger won't release the lien on the title until everything is paid up.  Truthfully if you still owe interest and late penalties, the loan is still open. 

[eblackman]

SO you are probably right and i will just go ahead and pay it. I made my final payment about a month ago so i expect to get a letter any day now informing me you need to pay the 700.00 before we send you the title.

E

[Creditaddict]

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@eblackman wrote:

Hello everyone i paid off my auto loan for CarMax a month ago but still owe around 700.00 in late fees and interest. Midway through my auto loan i lost my jobs and i had to struggle to make payments. Does anyone have a name and contact information that i cna send a letter  or email to ask maybe to forgive the remaiing amout. Its worth a try right.

A sample letter would hurt either.

Thank you everyone for your time.

Eugene 

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Carmax or Santander?

Have you called and just asked if they would waive some of the fees if you made a 1 time payment for the remainder?

You need the fees reversed not written off... make sure to not "settle" it becuase then a paid off loan with some lates would turn into a settled bad loan on credit.