Overhaulin'

i cant get anyone to refinance car loan what can i do ?

i pay 295.00 a month . i just want to make lower payments and i am 3 months be hide

Public Comments

1. You're 3 months behind? It's too late to refinance. Watch out for the repo man.
2. I have to agree with the Redhaired one. (Select her answer and not mine or give her partial credit!) I do want to opine for the better of the community... No one is going to refi if you are 3 months behind unless you have some other collateral that is not debt leveraged or a co-signer with good credit. They may or may not require one or two payments. ...and if you are having a hard time paying $295 they are going to note that as a bad situation. It may be that you can cut a few things out to save $$ or take a second part-time job. If you talk to your bank they may work something out. If you tell them where you are working and you miss the agreement you have in place (note time, name, and agreement or even ask for it in writing) they will take your car and will likely take it from your work since they will require an update of records. If you break the agreement this information can and will be used against you by the repo man. They may also allow a voluntary repo, which is bad on the credit but might save you the reposession charges ($250-$500 tow fee and storage fees). You will still be responsible for the deficiency balance. If your car gets repoed it will likely be auctioned off for about 50% of it's true value. ...or might just sit and rot a few months because NO ONE is buying cars. You will likely be charged somwhere around $500 for the tow and likely about $120-$180 for a month of vehicle storage as part of the repo. The bank will auction the vehicle and you will be responsible for the difference of the auction price and what you owe. This is the deficiency balance. Good luck; you will need it.