Latest Posts
Home > Ask The Get Out of Debt Experts > I’m Out of Work. How Can I Lower My Car Payment? – Jenny

I’m Out of Work. How Can I Lower My Car Payment? – Jenny

“Dear Steve,

I have been with out a job for about 4 months and I am getting 1200 from unemployment, but I was bringing home around 4000 a month before that so I am really hurting!

I want to know how I can lower my car payment so I dont have to give it back to the bank.


Dear Jenny,

The best solution is to call the lender and ask what special programs they have available. Do not get sucked into any of the auto loan modification programs that are being sold out there. Most, if not all, are a ripoff and don’t deliver.

Ultimately it is solely up to the lender if they want to modify the terms of the original financing agreement your signed. If they don’t then you may lose the car to repossession. The underlying problem is that financing agreements are absolute but life just isn’t.

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.

Get Out of Debt Free Hotline
debt settlement helpstudent loan help

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.


I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.