Our Mission

 

To assist vehicle owners struggling to pay their monthly payments or facing repossession. Vehicle Loan Mod will negotiate with Lenders/Banks/Credit Unions/Finance Companies and any other Financial Institution(s) to reduce vehicle owner’s payment obligations or repossessions. Vehicle Loan Mod will help all qualified vehicle owners to obtain a loan modification with a new, affordable monthly payment.

Some of the many services Vehicle Loan Mod offers and more…

• Vehicle Loan Mod will communicate with your lender so you don’t have to. We will communicate and transmit any/all information you request to and from your lender
• Vehicle Loan Mod will communicate and negotiate with your lender on your behalf to reduce your monthly payment obligations to make them more affordable so you may avoid repossession
• Vehicle Loan Mod will help you sell or trade your vehicle when you owe more than the vehicle is worth. Vehicle Loan Mod will communicate and negotiate with your lender to obtain a Short Sale authorization. This may allow you to sell your vehicle for its current market value regardless of the negative equity attached to the loan
• Vehicle Loan Mod will help reinstate loans for individuals under a repossessed status who wish to retrieve their vehicle Vehicle Loan Mod will help to reinstate the status of your vehicle loan if you have already reached a charged off status and would like to keep your loan and vehicle in possession

What we do

A Loan Modification, Short Payoff or Short Sale can include a reduction in the current loan balance as a type of debt-negotiation. The process allows the lender and debt holder to re-negotiate the agreement of the loan. Through mutual agreement, the amount due may be reduced, fees and penalties waived, payment time extended, interest charges reduced, as well as a reduction in the current loan balance.

We use our company’s preparatory system to compare your current loan balance to what your vehicle is really worth in today’s market. 90% of vehicle owners owe more on their loans than what they are worth. Clients may have had an existing loan rolled on top of their current loan, an interest rate that is too high for them to pay off the principal, or a horrible deal from the dealership. Whatever the case is we’re here to help.

We deal directly with the lender so our clients don’t have too. Our goal is to work with and assist vehicle owners who are struggling to pay their monthly payments or are currently facing repossession. We’ll negotiate with Lenders to reduce vehicle owners’ payment obligations or repossessions. We will help all qualified vehicle owners obtain a loan modification with an affordable monthly payment to give our clients control of their finances and put them back on track.

Loan Modification

A process where the terms of your current loan are modified outside the original terms of the contract agreed to by the lender and borrower. In general, any loan can be modified. Loan Modifications are changes to your loan agreement. Your payments become more affordable and you don’t have to default on your loan. Lenders choose to offer loan modification programs because it is easier to work with you than seek you out. A modification to an existing loan is made by a lender in response to a borrower’s long-term inability to repay the loan.

Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a reduction on your current loan balance, a different type of loan, or any combination of the four. A lender might be open to modifying a loan or negotiating a short payoff because the cost of doing so is less than the cost of default.

Why do Banks Offer Loan Modifications?

If you stop making payments, the bank has several options:

• Attempt to repossess property (which may or may not be in good condition)
• Attempt to collect, or hire somebody to do so (repossession company)
• Give up hope, accept the loss and charge it off
• You declare bankruptcy and they receive little or nothing

None of these options are attractive to you or the lender. Your credit will suffer tremendously, and there’s a financial cost to the lender.

• The lender no longer receives payment
• They no longer receive interest
• They may lose the vehicle and have to charge off the loan

Short Sale or Short Payoff

A workout procedure in which the lender accepts less than the full balance due on the loan as part of a deal in which the borrower cooperates with the lender to obtain a quick sale.
A short payoff or short sale is when a vehicle is sold for less than the balance of what is owed to the lender.
A short payoff or short sale might be considered when other financial reasons make it impossible to continue making regular vehicle payments (financial hardship).

Considerations

Your lender may agree to a short sale or short payoff to avoid the high costs of repairs, repossessions, and nonpayment. It’s in the lenders best interest to do this when they have not received a payment over 3 months, the vehicle has already been repossessed in the past, or there has been bad payment history.

Repossession

When you have a vehicle repossessed or when you turn it in before the end of the lease or term of the loan (voluntary repossession), the lender is going to give you nothing for your vehicle. You’re not getting fair value. It’s worse during repossession because the lender will make you pay the repossession fees. The car will be sold at auction or sold to a dealership for next to nothing (wholesale). If you owe more than what your lender gets at auction (which is generally the case) you are now reliable for paying the additional funds your lender did not receive.

Example: If you owe $20,000 dollars on your loan, your Lender receives $14,000 dollars for your vehicle. You’re now responsible for the remaining $6,000 dollar difference. If you cannot afford the remaining balance, your lender will place a judgment on your record and garnish your wages up to 25%. If you turn a vehicle back in to the lender or have it repossessed, this will negatively affect your credit. Enroll with us and let us negotiate on your behalf to facilitate a loan modification, short sale, or the best solution for you.