Auto Loan Modification

[Anonymous]

Hi everyone,

I'm having some trouble making my auto loan payment. My income has dropped drastically,and I can not continue to make this payment each month. I am self employed and my business is not doing well at all. I have talked to the bank who financed the vehicle. I am not behind yet, but I will be starting at the end of this month. I will not be able to make the payment. They gave me a one month extension a few months ago. I already tried refinancing. My score is too low, and I am overextended in bills That's not enough. The interest rate on my vehicle is 10%, which is extremely high. I do not want to sell the vehicle. I know that if I could cut my payment in half, I would be able to afford it. Have you guys heard of an auto loan modification or do you know any legitimate companies who could help me during this hardship?

[pizzadude]

I have seen a few situations where banks have refinanced their own loans, but I don't know if cutting your payment in half would be realistic.    It might make sense to just bite the bullet now and sell the car before you start to become deliquent.    Are there any other ways that you can reduce expenses right now ?  Rent ?  Or maybe get a temporary second job to help with cash flow ?