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Credit Acceptance Corp - Payoff?

Credit Acceptance Corp - Payoff?

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Posted in automotive-financing on Jan 21, 11 at 10:55AM
I'll be receiving my tax refund here in the next week and I'm wanting to pay off my "loan" through CAC. When my wife last talked to them she asked them about the payoff amount, I believe it's around $2300. So I'm wondering if anyone has had any experience with them, and whether or not they would take a lesser amount? It doesn't hurt to offer them less and see if they take it, but I don't really know how to go about the offer, any suggestions? Thanks!
On behalf of CreditBoards Admin, MarvBear would like to extend a sincere and warm welcome to the Automotive Forum. We have an (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.In the of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our .Off-topic posts should go in the . And if you are a credit newbie, take a glance at our . : LKH, Pam, radi8, breeze: cotterpin, CargoJon, CramitCCCA's, fla-tan, MarvBear, psp, pryan67, : TeeSharice, orangecrush, Four20Nik and Neen
 
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They will want the full payoff specified by contract. You don't have much negotiating leverage since they hold the title to your car. Under nearly all contracts, payoff as a lump sum will be less than the total of remaining payments because they stop charging interest.
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