I lost my job on July 31st and thankfully with unemployment have been making the payments on my car monthly (they are 369$ and unemployment totals only 1000$ a month). Just wondering, if I did call the loan people (I go through Americredit) and said that I was having difficulites, what experiences have you had where they may work with me and what options would I get?
2007-11-27 15:53:54 · 5 answers · asked by Jane 2 in Business & Finance ➔ Credit
sorry to hear about your job loss,
yes call your bank and explain your situation. you may want to see if they can refinance the loan to lower the payment "ie if you have a 3 year go for a 5 year. The fellow that answered first dose have a point on selling you car that could be an option. BTW refinance you car could get you out of paying 1 month payment.. DO NOT GET A 30 DAY LATE!!
Good luck
2007-11-27 16:55:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
They are more likely to work with you if you call them before you get behind. There are different options, it depends on the bank. Some will refinance for a lower payment if your credit is good. Some will let you skip some months and tack it on to the end of the loan. Call and see what they can do for you.
2007-11-27 19:52:40 · answer #2 · answered by kim h 7 · 0⤊ 0⤋
They will usually work with you if you have had a good pay history. Ask them to move the next 2 payments you owe to the back of the loan. They don't have to, but the often will.
2007-11-28 06:48:43 · answer #3 · answered by wcowell2000 6 · 0⤊ 0⤋
Sell the car! Then you can save up and buy an adequate used car (paid in full with cash). When you get tired of that car, save up some more money and repeat the process.
You don't want to go through a repossession.
2007-11-27 16:38:13 · answer #4 · answered by Debt Slayer 4 · 0⤊ 0⤋
enable your lender comprehend you're having problems as quickly as conceivable. They rejoice with being notified if issues are going incorrect, and could be lots extra agreeable in making compromises. do not make money til the final day they are due, while you're particularly stretched. this might make it extra handy to funds. you're in a position to refinance your guy or woman loan, if desirable. while you're pondering this, examine the costs and expenditures linked with doing so. With loans, that's right to pay them off as quickly as conceivable, so which you accrue much less pastime. regrettably, lifestyles does not go like that in many situations. i desire issues initiate finding up for you.
2016-10-09 21:15:44 · answer #5 · answered by stealy 3 · 0⤊ 0⤋