Many people have found themselves in the tough situation of deciding between which bills to pay each month. If they pay the mortgage, they cannot afford to pay the car payment or vice versa. Your GMC dealer does not want you to fall in the trap of getting your new or used vehicle repossessed. As such, we offer these suggestions if you find yourself in a predicament of being unable to make your car payments each month.
The best thing you can do is to contact your lender the day you start having financial problems. Most lenders will work with you on payments and schedules, but you have to be willing to make that phone call and work something out.
Consider refinancing it. If you have been making payments for awhile, your lender may consider refinancing your car loan which may give you lower payments each month.
Get a private loan. A private loan for the amount you owe on the car can often save you money if you can get a lower interest rate.
• Sell it. If you sell your car yourself, you are more likely to get what it’s worth rather than trading it in. Be sure to get as much as you can out if it so you can use that money to pay off the car loan.
