If you’re behind on your auto loan payments, you face problems like damage to your credit and vehicle repossession. However, auto debt relief is possible through refinancing, lender hardship programs, and credit counseling, among other options.
Key Takeaways
- The average MSRP (not loan amount) for new cars was $41,837 in Q1 2024, and used cars averaged $25,752.
- In Q1 2024, 30-day and 60-day car loan delinquencies were both higher than in any of the previous four years: 2.71% and 1.03%, respectively.
- Many lenders offer financial hardship programs that provide temporary relief, such as deferred payments.
- If you have good credit—or a credit-worthy co-signer—refinancing can reduce your payments to a more affordable level.
- Other options…
