Negotiating Car Loan Debt?
Need advice regarding Toyota auto loan / estafa situation
Hi everyone. I badly need practical advice from people who may have experienced something similar.
Around 4 years ago, I let someone use/rent my car (Toyota Vios 2021). Long story short, tinakbuhan ako and the car never came back. I filed a police report at the time and tried to locate both the person and the vehicle, but until now wala pa rin.
The car was still under financing with Toyota and there’s still around 750k remaining including penalties/interest. Since the vehicle disappeared and there was no recovery, the account eventually defaulted.
I know a lot of people will say it was a stupid decision, and honestly I already know that. Biggest financial mistake of my life.
Right now I’m abroad and trying to rebuild financially. I don’t have assets and I honestly cannot pay the full amount anymore. The only amount I may realistically be able to raise is around 100k pesos.
My questions are:
- Has anyone here successfully negotiated a large reduction/settlement on an old auto loan debt?
- Is 100k too unrealistic as an opening settlement offer for a 4-year-old account?
- Better ba directly sa Toyota makipag-negotiate or sa collections agency if napasa na?
- If ever mag-negotiate, ano dapat hingin ko in writing para sure na fully settled talaga?
- May nakaexperience ba ng estafa threats from collections even if totoong nawala talaga yung sasakyan?
I’m not trying to escape responsibility. I just genuinely want to know what realistic options exist at this stage.
Please no lectures — I already know I messed up badly. Looking for practical advice only.