For those that can not afford their car payment there appears to be a new option; auto loan modification. The government is not involved (yet) and there is no special 800 hope number to call, but auto loan default rates are reaching levels where lenders are willing to make deals.
I made the BIG mistake of buying a brand new car. I hated making payments so what I did was giving and extra 100 dollars on the monthly payments and I also got a second part time job and all the money I made from the job I saved it. I was able to finish paying off my car a year after coming with this plan and payed it off 2 yrs earlier from the original 5yr plan. NEVER in my life will I buy a brand new car and or get a loan for a car. I will just save up and buy a used car
Justdavidm 2 months ago