"Lu M via CarKB.com" wrote:
My GMAC tahoe is 3 months past due. I have a buyer---can
I get payoff from gmac and have the buyer pay off gmac?
how does this work. thanks
Sure you can. Call GMAC, tell them you have a buyer and
ask for instructions to complete the deal. They will tell you:
1.) The payoff amount including principal, pro-rata interest,
any late fees and payoff fees, contingent on payoff
on or before a stated date.
2.) The location of a GMAC office or a bank where you
are to take your paperwork and your buyer with his
payoff cash on or before the payoff date specified.
After the transaction is done, you will owe nothing more
and your buyer will own the vehicle free and clear. Keep
a record of the sale, notify GMAC and notify the DMV to
be sure you are free of owner liability.
This is an easy business transaction, done every day. The
benefit to you is that the debt is eliminated, possible legal
collection action is avoided and your credit remains good.
If you let your Tahoe be repossessed, GMAC will tow it away,
some GMAC insider or relative will buy it at half your balance,
then GMAC will sue you for the other half plus towing fees,
legal fees and any other fee they can dream up. Then they
will put a negative notice in your credit report.
Wendy & John