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Posted in Auto Loans
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lcmartin28

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I have been asked to settle a 30,000 car loan to 5,200. Would the difference be reported to the IRS?
And could I negotiate it down to 4,000 in a lump sum? It's through Capital One if that helps. Any and all help is appreciated thanks!

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Yes the difference would be reported to the IRS as income. 

Some details on the Car would be helpful. 

was it repo-ed?   Do you have it?

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