Will consolidation work with auto loans as well?

Will consolidation work with auto loans as well? Most of what I see is for "unsecured" debt. I'm upside down and 2 months late with two cars (as well as cc debt). This due to a change in employment. Need a way out.

4 Answers

i recently contacted my auto loan bank & they did a "re-write" on my loan due to hardship. payment was reduced from the original amount of $403 per month to $159 per month, and that is for 19 payments. they also reduced the interest rate, and i did the figures, turns out that i am actually paying less interest from the time of re-write until paid off than i would have paid if i had not had it redone. many auto financing banks do not want to repo, and are willing to do a re-write instead of hauling in another used car. call your auto loan company & explain your situation before they repo them. usually 2 months behind will send them after the cars..

No, you cannot consolidate secured debt. Approach them as generalee did and see if they will do a rewrite.

How to Deal with Illegal Loans..OhioGal's Primer
PDL's are ILLEGAL in the following states...
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states

Generally, debt consolidation is not applicable to secured debt. As you have taken auto loans which are a secured debt, so you can contact with your auto loan company and share your problem with them.

i forgot to mention that i was current on my auto loan, over 4 years- never missed a payment. i had absolutely no problem getting the re-write, and they did not run a credit report check either ! they only looked at my payment history on my auto loan with them.. also i will add, it is nissan motor acceptance that i am financed thru ! so if anyone tells you the manufacturer finance company will not work with you, they are lying..

i have been told by a number of people that work for banks etc, they would much rather work something out with the customer in re of payments, than to repo the auto...
so you should contact your lender asap- before you wake up one day and your cars are gone, or being towed away from your jobs..

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