Can you do anything about car loans?
Date: Wed, 04/02/2008 - 10:19
I have two car loans that are upside down. My baby is having surgery for a birth defect related to some medication that I was given during pregnancy (lawsuit pending) and I am staying home with him and taking leave without pay from work. I have exhausted the disability and family leave systems, they are not allowing anymore paid time. Until my son has surgery and recovers, I do not feel like I can put him in daycare. My car loans are at 13% and 12% interest and we can't sell the cars for what we owe on them. If we did sell them at blue book it would still leave us with 8,000 owed. We can't refinance because of very bad credit (medical bills unpaid). Is there any way to consolidate car loans?
Hi prteterac, my prayers are with your son....hope the poor soul
Hi prteterac, my prayers are with your son....hope the poor soul gets well soon...
Is the avenue to negotiate the interest rate with the lenders open to you? You can ask the lenders to lower down you payments on the cars. If both the cars are financed by the same lender, he may also agree to negotiate the interest rates further.
However, you can always consolidate the loans. It can also help you repairing your credit aswell.
