I Can’t Afford My Car Payments. What Can I Do? – Jason

By Steve Rhode
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Jason wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

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“Dear Steve,

I purchased a car about two years ago, due to the recent drop in the economy my job has been made pretty much obsolete and now i can afford to make the payments, is there anything i can do asap to fix the situation ?

What can i do to fix this problem so i don’t lose my car, and damage my credit?

Jason”

Dear Jason,

You could attempt to refinance the car and extend the loan out for a longer period of time. This would lower the monthly payment but in the end you would wind up paying much more for the car.

Refinancing will depend on the year of the car and your current credit. You can search online for car refinancing companies.

The bottom line might be that now you’ve had a reduction in income you simply might now be able to afford the car or payment. in that case the worst situation is that the car is repossessed by the lender. That will result in a huge bill to you once the car is sold at public auction.

Last ditch effort would be for you to talk to the current lender and see what options might be available to modify your payment.

Big hug.

Steve
@GetOutOfDebtGuy

Source: I Can’t Afford My Car Payments. What Can I Do? – Jason

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