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David C. Garner
David C. Garner, Attorney
Category: Legal
Satisfied Customers: 972
Experience:  JD with Distinction, Admitted to practice in California
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My car loan is 27000 but the car is worth only 14000. I was

Customer Question

my car loan is 27000 but the car is worth only 14000. I was planning on working a few more years but I have been advised by doctor to go on ss. I am now 66. How can I get the bank to do something about the loan pmt of 600 per month>
Submitted: 1 year ago.
Category: Legal
Expert:  David C. Garner replied 1 year ago.
Hello, are you there?
Expert:  David C. Garner replied 1 year ago.
Hello. I'm ready to help if you are here.
Expert:  David C. Garner replied 1 year ago.
Hello,
The short answer is there is probably not a lot you can do. You are essentially asking the bank to take a loss because you now wish to retire earlier. Think of it this way - lets say you loaned a friend $10K and he was supposed to pay you back at the rate of $1000 per month. 4 months in he announces he is disabled and wants you to accept something less than the $6K outstanding. How would you feel?
One option here is to sell the car for $14K and refinance the remaining debt. Then you would only owe $7K which would come with a lower payment (but you would have no car).
I hope this helps.
DCG

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