The Expert Podcast

So, are you struggling to pay your car loan? Is your automobile loan more than what you can afford? Well, you're not alone.

This video from CBS News had some very troubling data—some very troubling information. If you look at the percentage of car loans that are $1,000, back in 2020, only 11% of people had a car loan that was $1,000. Now, in 2024, it's almost half—42%. We're already a few months into 2025, so it's probably close to half of the people having a car loan that’s $1,000.

$1,000 is sometimes more than two weeks’ take-home pay for some people. If you're having difficulty paying for your car loan, the first thing you're going to discover is that you can't get out of it because you owe more than it's worth if you want to trade it or sell it.

So, you have to do what's called a car short sale. A car short sale is where the lender is provided with a package of documents for you to be able to offload your vehicle.

Remember, you have access to live, one-on-one consultation with the undivided attention of a licensed, certified expert in this subject and many others. We want to listen to your story, hear your questions, and give you expert advisement on your options. We want to tell you what we know about your situation and what options you have.

Now, back to your video.

To sell your vehicle or trade it in without having negative equity block your title, you need to consider a car short sale. If you have negative equity on the vehicle, your lender will block your title transfer because of the amount you owe in excess of the vehicle's worth.

CBS News interviewed quite a few consumers for this piece, discussing how much they owe and how difficult it was. For example, one woman had an EV that she purchased, and her payment was close to $1,000. However, she was no longer able to use that vehicle because the range didn’t provide enough miles to get her back and forth to where she needed to go. So, she wanted to trade out of it to get something more efficient.

Well, guess what? She couldn't—because she owed more than it was worth.

This is just one example of people struggling to pay back their car loans. If this is you, you’ll want to look into a car short sale. You can find more information below with full instructions on how to go about doing it. You can handle it all yourself, or we have a title service if you need assistance. A car short sale instructional video and checklists are all available on the website carshortsale.com.

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