July 12th, 2009 9:38 AM by Ron Mastrodonato
Can't make your car payment?
Q: Dear Driving for Dollars,I'm behind in my car payments and have been making half of the payment each month. What can I do to avoid getting repossessed? -- Steve
A: Dear Steve,A vehicle repossession will seriously affect your credit and make it difficult for you to get any type of loan in the future, so call your lender and talk to someone right away. Any lender is more interested in keeping you as a customer than repossessing your car. Explain to your lender why you are having trouble making your payments. If you have any idea when you'll be back on your feet, be sure to tell him/her. Then see if your lender will work with you to defer your payments, to refinance your loan to a lower interest rate and/or to extend the length of your loan to lower the monthly payment.