dreamsasylum asked:
Well, 2 years ago I naively bought a friend a car who didn’t have one, he couldn’t pay it, so have 2 cars in my name. One person has been paying on it, but I am thinking about trying something, because my parents have offered their old car to me. If I were to sell both cars, I know I will have balances left on the car loans, but at least they will be less than they are now. Is it possible to either a) negotiate with the finance companies to get lower monthly payments or b) go into some sort of ‘debt consolidation’ plan with these “lesser” loans? I’d gotten the notion car loans were secured loans, and therefore organizations like Consumer Credit Counseling would not be able to help with them.
Well, 2 years ago I naively bought a friend a car who didn’t have one, he couldn’t pay it, so have 2 cars in my name. One person has been paying on it, but I am thinking about trying something, because my parents have offered their old car to me. If I were to sell both cars, I know I will have balances left on the car loans, but at least they will be less than they are now. Is it possible to either a) negotiate with the finance companies to get lower monthly payments or b) go into some sort of ‘debt consolidation’ plan with these “lesser” loans? I’d gotten the notion car loans were secured loans, and therefore organizations like Consumer Credit Counseling would not be able to help with them.
On another similar topic, is there any sort of financial assistance available to people in this sort of situation?
DOMINGO
CODY
You could possibly refinance the cars if you still owned them but if you sell them you won’t be able to do this.
If you negotiate a lower payment, it might come off bad on your credit.
Comment by andrea3967 — October 21, 2009 @ 7:05 pm
ALONZO
You would have to pay off the loans from the proceeds of sales on the cars you didn’t keep. If you don’t have enough equity you will need to bring other money. If you are getting a free car you can go get a car loan on that and use that to pay off the other loans.
Comment by shiprepairwoman — October 23, 2009 @ 1:01 am
ED
some sort of debt consolidation can help. With cash you can get the best prices. I found interesting information about your answer & options here. luck!
Comment by Rony — October 26, 2009 @ 3:01 am
RIGOBERTO
That’s a tricky one. Above answers are all options. I particularly agree with looking into a specialized debt/credit company.
This site may have some answers:
Comment by mikeydee3937 — October 27, 2009 @ 1:45 pm
ERNIE
find out the value of all three cars – and try to sell them your self — than you will know just how much you would still owe if you sold the two cards == hopefully it would not be more than you could get a secure loan on the vehicle that your folks are going to give you == than you would be rid of two payments and down to one car!!!
Comment by ed m — October 30, 2009 @ 8:00 pm