[pruiz]

My question involves an auto loan or repossession in the State of: Nevada
Actually, my car is not in repossession (knock on wood).

I have not defaulted on my car loan, nor have I been late in the 2.5 years of ownership. My financial situation is not what is was 2.5 years ago and I have been seriously considering a voluntary repossession because I don't know how much longer I can afford to make payments. I doubt, however, that the process is as simple as dropping off the car at the dealership and washing my hands of the debt. So what exactly happens during a voluntary repo?

I've looked into refinancing, but because I owe more than the car is worth, I would have to come up with approximately $9,000 dollars to get a lower rate. With the current financial crisis that many people are going through, are banks willing to modify existing car loans? I would think it is in the banks' best interest to work with customers for a better interest rate than to risk losing thousands of dollars due to repossessions.

Has anyone tried renegotiating their auto loan? What are some suggestions for those of us who want to work with our loan companies so that we may keep our vehicles.

[OhMy]

My question involves an auto loan or repossession in the State of: Nevada
Actually, my car is not in repossession (knock on wood).

I have not defaulted on my car loan, nor have I been late in the 2.5 years of ownership. My financial situation is not what is was 2.5 years ago and I have been seriously considering a voluntary repossession because I don't know how much longer I can afford to make payments. I doubt, however, that the process is as simple as dropping off the car at the dealership and washing my hands of the debt. So what exactly happens during a voluntary repo?

I've looked into refinancing, but because I owe more than the car is worth, I would have to come up with approximately $9,000 dollars to get a lower rate. With the current financial crisis that many people are going through, are banks willing to modify existing car loans? I would think it is in the banks' best interest to work with customers for a better interest rate than to risk losing thousands of dollars due to repossessions.

Has anyone tried renegotiating their auto loan? What are some suggestions for those of us who want to work with our loan companies so that we may keep our vehicles.

Banks do not modify car loans. All you can do is possibly refinance it. The loan agreement that you signed is what you can expect for the term of your loan.