The Expert Podcast

Well the trend for increasing auto loan payments is not letting up anytime soon. This article in the automotive industry publication Auto remarketing talks about how the consumer is being stretched by higher loan payments higher car payments the payments are getting out of control people are spending $1,000 and more for car payments and the burden on people's budgets is really accelerating.

So what is happening with the car loans themselves? What's happening is people are now starting to realize either they can't afford the payment or the car is no longer useful to them maybe they bought a van and they need a smaller car maybe they have a truck and they need more seats so people are trying to trade out of their cars or sell their cars and they're finding that they owe more than the car is worth.
And that's always been the case going back 20 30 years uh negative equity has always been an issue with car loans the problem now is it's gotten worse because you know even for the Last 5 Years From about 2019 to 2024 negative equity was mitigated somewhat because the used car market was so hot use car market was on fire where you could get lucky and get a little more for your car than it was worth because there were so few used cars and you still may have had some negative equity but maybe only two or three or 4,000.

Now people have 8 or $10,000 negative equity so they're trapped and stuck in their car it's called being underwater or buried in your car so what do you do about it well what you can do is what's called a vehicle short sale or a car short sale where you file a package of paperwork with your lender to have them accept a sale for your vehicle that's less than your current loan balance.

And how that helps you is it avoids a voluntary repossession it avoids a involuntary repossession and it gets you out of your car so you can buy a different car maybe trade down maybe save on your payments or maybe not have a car maybe you have three cars you only need two it's a way to get out of that car payment so this is not new this is not something that's a very minor thing the consumer burden of car loan payments is through the roof and there are tools to help extricate yourself from this.

So if you want more information on a car short sale you can click the link below we'd be glad to be of assistance and give you some information on that but don't feel like you're alone because many many people are buried in their car loans and have payments beyond what they can afford thank you for watching.

Remember you can access live one-on-one personal consultations with a licensed private investigator a licensed commercial insurance broker licensed certified real estate title examiner also a certified civil court mediator so if you have a need to talk to an expert in any of these fields or even a licensed building general contractor you can click the link below actual human.com and arrange a live one-on-one undivided attention with a license expert where you can ask any questions get information about your situation and we'd be glad to help.