The Expert Podcast

If you are feeling like your auto loan is extraordinarily high, you're not the only one. You're not alone in that feeling. There's a bubble with car loans. People have taken out loans with very high balances, very high payments. Uh there was a report a couple weeks ago that said 20% of people with car loans have a payment more than $1,000 a month. That's pretty high. And according to NewsNation, uh, auto loan debt is now the second largest consumer debt in the US. New car shoppers are taking out larger loans than before.

And a car loan bubble is different than a housing bubble. It's actually worse because it's an easier asset to walk away from. Because of that, many lenders are looking to resolve these debts and not let it go to um repossession. With real estate and even in the the housing bubble, lenders could take back a house. You can always sell a house. People need a roof over their head. You don't need to have as many cars. You need a way to get around, but there's alternatives.

You could have share one car in a family. There's public transportation. There's cheaper cars. You could buy a $500 beater. Um, having a high car payment is not a requirement. So, lenders are starting to panic and they're wanting to resolve these loans.

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That's why a car short sale is something worth looking at. How does it work? Well, if you owe more than uh on the car than it's worth, it's impossible to sell because if you owe 30,000 on a $20,000 car, you can't get the title until that 30,000 is paid. And if you're only selling it for 20, you're not going to have enough money to pay it off.

But if you can arrange for a short sale with the lender, they can release the title, accept what you sell it for, and either wave the difference, work out an arrangement on the difference, uh or even do a modification. It depends on the lender and depends on your scenario. You'll have to provide some documentation. Our website will give you instructions on how to do that. And getting a short sale will allow you to sell the car for the current market value, the fair value, not what the lender says you owe on it. You can sell it for a fair value.

So, you can get a buyer and then you can get rid of that high payment. And if you decide you need to buy another car with a lower payment or maybe buy a car for cash with no payment, you can do that as well. But the first thing you have to do is get out from underneath that big debt. And most of the time you're going to have negative equity. You're going to owe more than it's worth. And that's going to be an important um obstacle to resolve so you're not buried in that car.

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