I’m thinking of calling Chrysler Financial and trying to get them to refinance my auto loan. I still owe them about $10000 on a loan for a car that blue books for less than $5000. Since I have no chance in affording any type of new car anytime soon I figured I my as well drag the loan out more and lower my payment to give me extra cash every month. Has anybody worked with them? Do they help you out or will they give me the boot?
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Not gonna’ happen unless you have a $5000 down payment in cash upfront to show them first.
They will most likely not refinance. Most big car lenders like that won’t refinance after you’ve bought the car. Try a bank, or even better a credit union. Explain the situation. There’s really no good way to go about what you’re doing because unless you put a huge chunk of money towards the loan at some point, you’ll always be upside down on the car, and possibly even paying for the car once you aren’t able to drive it. If you call Chrysler and tell them that you’re having trouble paying, they might be willing to settle with you, but you’ll definitely need to get yourself into a new car. Some lenders will do loans with no down payment if your credit is decent enough. Example: if a dealership offers you 5K for the car, and Chrysler says they’ll settle for 7K, you may be able to get a loan for both the new car and the 2K that you still need to give to Chrysler.
Its not going to happen. No need to even waste your time asking.
The bank is already in an unfavorable position with your collateral being worth far less than you owe. Theres no way they would agree to stretch the payments out even longer.
You are in a hole. What you propose would be like digging a deeper hole.
You have to stop digging if you want out of the hole.
The smart move would be to try to pay MORE than your payment to pay it off as soon as possible.