Invasive letter in the mail?
Invasive letter in the mail? So! After a couple calls to Lendward and sitting down with their partnered dealership: The short answer is this is just a mailer to get people through the door! Nothing special. Nothing new. Misleading language on this letter: This is NOT some kind of new loan termination. If you are stuck in a position where your vehicle has negative equity that still reigns true! They will go about it the same as all lender do: take the difference of your vehicles worth and minus that from the remainder of your loan. That residual amount, negative equity, will roll over into your new auto loan if you choose to go ahead and do business with whatever dealership won the special spot at the top left of your mailer lol. Same as always. This is NOT a pre-approval. You might already know, but when you go to your favored lender and apply for a preapproval, they give you a set amount and you can click your heels together and take that piece of paper to any dealership and sometimes private seller you want! Girl, this is not that. Flip that letter over and you'll see how they've safety netted themselves. This is a prescreening. That's how they had so much specific information about your financial situation. But you can do what they've done and use things like myFico to loosely judge your financial situation and figure out for yourself if its time to ditch your vehicle. Do not let them pull you credit and disrupt your credit building progress for something you already know. So no they aren't giving you a clean slate and just paying your remaining balance. You'll still have negative equity and the dealership will most likely try to put you in something much much more newer and expensive to make sure lenders dismiss the negative equity and still make a significant profit without risk. All that being said, they are a legitimate business. They do help people. They're a bit young, 2015 founded so as of now 10 years old, but they have more good reviews than bad. Just be informed, know your situation better than them, and figure out if they're right for you next auto loan!