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What should I do if I can't afford the car note on my Chevy Colorado any more?
"I was living rent-free when I purchased my Chevy Colorado. The monthly payment is currently $265.
Now I only have about $50 a month for the car payment.
What should I do if I can't afford the payments?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Sending $50 is a nice gesture, but in the grand scheme of things, it’s almost like paying nothing at all. You’re still behind on your payment (and incurring late fees), and your lender is going to start reporting your shortfall to credit bureaus.
You might want to see if you can refinance the vehicle, as this could lower your monthly payment. Aside from that, take a long, hard look at your budget and cut any unnecessary expenses. You might be surprised how much you spend and find areas where you can cut back (like those daily Starbucks runs).
Call your lender to see how much you’re behind on your car loan, and make an arrangement to catch up. If you don’t, your car is almost sure to be repossessed, which can leave you without transportation and severely damage your credit.”
View full answer
- Gregory R.
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