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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!

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

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

Jenny”

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

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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.
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