Auto refinancing help.?

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2. Explain that you want to make your payments - apologize for being late - and ask what you can do to get things resolved. Remind them that you know that you owe more on the car than its worth so you certainly don't want the lender to lose money on the loan in the event they repossess.

3. Ask if your lender offers an opportunity to "RECAST" the loan if you make your on time payment for the next three months. What this means is that the lender agrees that if you make your next three payments on time (starting immediately), they consider the loan to be current for you.

4. If they will not do #3 --- ask if they can offer you a "deferral." What this means is that you pay the bank the amount of interest only for the period that you're past due and effectively extend the remaining number of months to pay the balance.

5. If NONE of this works - - - I want you to contact your local UNITED WAY agency and ask for a referral to a Consumer Credit Counseling Service. The reason I'm referring you to United Way is to make sure that you don't get scammed. (You can check Consumer Credit Counseling Service at www.cccservices.com but still go through your local United Way office.

CCCS can help you work out a budget and they will contact your creditors to arrange lower payments and, many times, lower interest. They are non-profit and charge either nothing or very little. (The only legit one I'm aware of is CCCS through United Way).

All of that said ... if you owe LESS on the car than it's worth --- you need to SELL IT now and buy a less expensive car for cash.