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Smart Shopper Making Car Payments in Hard Times
49 messages, Last post on Mar 01, 2009 at 10:26 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: qbrozen (Jan 27, 2009 9:37 am) +1 Do stick around, we're not a bad bunch of people. 
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Replying to: jocuto (Jan 27, 2009 8:41 am) The exciting world of commission only, beats the cocoon of a steady salary. 
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Replying to: jocuto (Jan 27, 2009 8:41 am) jocuto: Agree with your points. I think your last post expressed the frustration a lot of Americans are feeling now. Unfortunately, we (individuals) have to tighten our belts and work through this the old fashion way like you are. if it makes you feel better, even with the bailout, I don't think Chrysler will survive. these guys/gals are good people on these forums. Most are just looking to help. Some get opinionated but mean well. Hopefully you keep coming back, we need fresh faces.
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Replying to: dtownfb (Jan 27, 2009 10:53 am) I don't think Chrysler Financial is doing things any differently than other lenders. They set a rate at loan origination and the only way they'll change it is renegotiating the loan. Unfortunately they won't do that for you because of the value of the car isn't more than the loan balance. There are a lot of folks in your boat. Best of luck.
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Replying to: fezo (Jan 27, 2009 11:56 am)
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Replying to: dtownfb (Jan 27, 2009 1:24 pm) I think the only lender attached to a car manufacturer I've dealt with is American Honda Finance. They've been OK. I've dealt with them three times.
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Replying to: fezo (Jan 27, 2009 3:25 pm) |
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Replying to: jocuto (Jan 25, 2009 7:31 pm) Laying aside the question of who is at fault for your current situation, let's talk about what actions you can take.... What's the difference each month between your old payment and your new payment? It looks as if you borrowed about $25,000 ( $570 per month for 60 Months  13%) Using the same calculation ($25,000, 60 months, 9% interest) it looks like your previous payment was roughly $ 520 per month. What can you do to cut expenses $50 per month? Do you have a second job, or is one possible for you? Do you have a tax refund coming? You're going to need to make these higher payments, at least for a while. If you don't you'll probably end up losing your car and making your credit even worse in the process. Those will make it even harder to get a new car loan, particularly in the current climate. You're going to have to find a way. While you're doing that, you need to start writing letters to Chrysler Financial. There are two reasons for writing rather than calling. 1. It's very unlikely that you are going to get to talk to anyone on the phone who has the authority to adjust your loan rate. 2. You're very angry right now, and frankly, that's not going to help you negotiate. You're not going to be able to force Chrysler Financial into doing anything for you. You need to write so that you can tone some of your bitterness out of the equation. Your letter needs to state the facts - that you have been making payments, and that you're willing to continue, but are currently unemployed. The increase in payments is a hardship which makes it unlikely that you'll be able to continue making them. Ask if you can arrange to make either partial payments, or adjust the terms of the loan in some fashion at least on a temporary basis. Ask for an appointment with someone to discuss the matter in person. If you get that meeting be sure to have all your bills, and bank statements with you and be able to show that you're taking steps to meet the higher payment. Show them that you're sincere in wanting to pay off the car. This might work, as Chrysler Financial doesn't really want to repossess your car - they've got more than they know what to do with already. But remember, they don't HAVE to do anything, and if they take your car and sell it at auction, you're still going to owe the balance. Yup - you got an amount of MONEY, not a car from them. No matter what happens with the car now, they gave you a certain dollar amount and they will want to recoup that. So, be polite with them, and be reasonable. Good luck.
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Replying to: lokki (Jan 29, 2009 12:29 pm) |
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Replying to: lokki (Jan 29, 2009 12:29 pm) tidester, host SUVs and Smart Shopper |
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