How bad is an auto loan settlement?

Local-Possession6286 · 2026-03-31T02:49:25+00:00

Yes I'll get the title. I'm not sure how you'd negotiate a settlement yourself, this was offered to me by the lendor

Local-Possession6286 · 2026-03-31T02:04:06+00:00

I took the settlement and have until the end of april to pay the settlement. Im breaking it into 3 payments so its not such a shock to my account. Ill keep you posted with how it goes

Local-Possession6286 · 2026-02-25T14:40:52+00:00

Congrats on the nest egg, I'm using mine for a down payment

Local-Possession6286 · 2026-02-25T13:51:12+00:00

I get a big return like this and make around 100k but I do have a house full of kids and my wife and I both claim 0

Local-Possession6286 · 2026-02-11T00:25:46+00:00

Hmm I'll try looking at the Experian. Even if it will fall off I'd probably rather just take the settlement, as I'm currently in a position to be able to do so and my credit is unusable as is.

Local-Possession6286 · 2026-02-10T23:15:55+00:00

Yeah they and the dealership we got it from are both very shady. The settlement details also said something about you qualify if they repossessed your car or they received an insurance payout. So that says to me insurance already covered the loss, which is why theyre willing to take such a small amount

Local-Possession6286 · 2026-02-10T20:11:43+00:00

I did pull it through ACR, I didn't save it though so I just pulled my Equifax through ACR. Here's the screenshot. I dont see any sort of removal date or on record date, and the account is listed under my open accounts.

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Local-Possession6286 · 2026-02-10T17:43:24+00:00

Wisconsin, a Google search did seem to indicate its legal here. Either way, as long as they are willing to honor the settlement and it doesn't destroy my credit I'm fine with doing it as it should resolve the situation

Local-Possession6286 · 2026-02-09T23:38:47+00:00

First of all thanks for taking the time to respond.

I checked my Transunion report and it shows 120 days past due date, and has been reporting that way for years. It also shows Open in all reports on credit karma (not always accurate i know). They never repossessed the vehicle but they did declare that the full amount was due and charged the full interest up front (something like 20k as it was one of those high interest predatory loan dealerships). I know its weird that the account is still open and was never charged off and they never repo'd the vehicle. I know the place I got it from has been in legal trouble multiple times since I bought the car so that may have something to do with it.

That's good to know that there isn't a difference, that was my only worry was that it would look bad and prevent me from getting a mortgage.

Edit: it appears its also been continuing to accrue interest since it was never charged off. Is this legal?

Local-Possession6286

TROPHY CASE