I am behind on my car payment and I have offered t

I am behind on my car payment and I have offered to pay half of what they are demanding me to pay and was told they would not accept it. I am two months behind going into the third month. What should I do? Is this legal to not accept some of what is owed?

2 Answers

If required, you can think of refinancing your existing car loan with a  new one. You can take out a loan with a relatively higher loan term so that your monthly payments can get reduced. Alternatively, you can also talk to your lender to modify the terms and conditions on your existing car loan so that you can remain current on the loan.

The lender will want you to pay off the debts in full. He has the rights to not accept the partial payments that you are offering him. However, you need to convince your lender about your financial hardship and negotiate with him once again so that he agrees to offer you an affordable payment plan which will help you in getting rid of your car loan.

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