If you are falling behind on auto loan payments, experts say there are some things you can do to prevent the problem from snowballing.
"Take a look at your overall expenses for the last few months," said Joe Pendergast, vice president of consumer lending for Navy Federal Credit Union. "You would be amazed how much the average person spends each month without realizing it."
"If a consumer is struggling to make their car payments, or anticipates challenges ahead, they should reach out to their financial institution as soon as possible," Pendergast said. While the options vary from lender to lender, you may be able to get a deferment — i.e., a few months without a payment — or a new loan that lowers the payments by stretching out the length. Either way, be aware that this generally would lead to paying more in interest, noted Moody ofHowever, a deferment would at least give you time to figure out how to best manage your situation, he said.
There may be a similar value gap if you opt to trade it in. While trade-in amounts have been relatively high due to, that is changing. The latest inflation reading showed a year-over-year drop of 8.8% in used car prices.
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