The Expert Podcast

You've heard us talk a lot in the past about different programs offered by lenders for modifying or doing a short sale on a vehicle loan or vehicle financing. Here's an example from Alli, one of the largest auto lenders. They actually have a web page about Auto Modification FAQs, which goes through all their terms and conditions and how it works.

What you'll find is that this web page is probably not easily locatable or linkable from their main page. They don't have it publicly accessible or easily discoverable because it's not something they necessarily want to make a big deal about. They don't want to do a lot of these. They want to do them only when a person is requesting it, being intentional about finding it.

This is one of the things that makes it tough for clients to figure out how to do a car short sale—how to get out from under heavy car payments and an upside-down or underwater car loan. However, every lender has some procedure for this. They have a certain policy—sometimes it's formal, sometimes it's informal.

If you have a car loan where your payments are too high and you can't get out from under them because the loan amount is more than what the car is worth, it can make it very difficult to sell the car, trade it in, or get out of it. You don't want to do a voluntary repo. If you just give the car back to the bank, it'll destroy your credit. Even if it's voluntary, it still shows as a repossession on your credit report, so you don’t want to do that.

Instead, look into these various programs. You can click our link below, carshortsale.com, to get more information about how the process works and what you would need to do to move forward. If your car payment is no longer affordable and you need a different vehicle, this may be an option for you.

Thank you for watching another episode of Actual Human Advisory on Describe TV. Remember, we offer live one-on-one consultation appointments at ActualHuman.com, where you can book an undivided attention live call with a licensed investigator, a licensed insurance broker, a licensed mortgage broker, or a real estate broker.

I'm also a certified real estate title examiner, a certified civil court mediator, and I have developed and started over 15 businesses, several of which were sold for millions of dollars. If you have questions in any of those categories, you can arrange a one-on-one live video consultation using the link below.

We'll see you in the next video!