My Car Lender Said They Could Refinance My Loan and Then Denied Me. – Manuel
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“Dear Steve,
i currently have a vehicle that i am way upside down on, the monthly payments are 636 dollars a month, and my pay checks have been cut in half because of the economy. I have contacted the company to seek help and find a solution but all they said i could do was refinance my vehicle, but they denied me for that. My interest is currently at a 13.5% and at this point im going to start missing payments because i simply cannot afford it anymore. Is there a way to have the company lower my interest or payments for the duration of my loan?
Manuel”
Dear Manuel,
I would suggest that before you start missing payment you first contact LendingClub.com and look for a loan to refinance the car from the LendingClub peer-to-peer lending network.
If that does not work for you then try eloan.com. They refinance vehicles.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.
Big hug.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.
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.
Source: My Car Lender Said They Could Refinance My Loan and Then Denied Me. – Manuel
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Comments
Comment by Melissa Dear Steve,
I currently have a 2005 Honda Accord that I have been paying on for the last 2 years. I now owe $16,200 on it. My payments are $485 a month and I pay 21% interest! I have been unemployed for about 3 months now and am drowning in the payments. What are my options? I can’t refinance because I am unemployed right? I NEED a car. I’m a single mom and live in San Diego. If I allow them to pick it up, then I will never be able to get another reliable car. I feel so “stuck” and lost! I’m just trying to stay afloat! :(
Steve Rhode Reply:
December 8th, 2009 at 10:22 am
Melissa,
If you had some income coming in other than unemployment benefits I’d suggest a Chapter 13 bankruptcy where the value of the car loan could be reduce and you could keep the car still. In that case just find a local bankruptcy attorney you like and talk to them.
But, on unemployment benefits only and with such an outrageous payment the logical bet is the car payments are just unsustainable and will eventually be repossessed.
The best way out of this is going to be income. Since you are in a major metro city, go and register with every temporary agency in town and take every job they can place you at.
Big hug.
Steve
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If you are not able to get financed, then you might need to look into other options. That is a very large monthly payment indeed.
Often, companies can accept 90% of a payment to close the books on any given month. While its not a huge help on smaller car payments, it would be quite a savings on your own $636.00 payment. Keeping in mind of course, that this money does not just disappear, it gets tacked on the back-end of the loan and can generate a bigger problem in the long run through interest.
You can sell the vehicle. Even though you may still owe some, they might accept a settlement.
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