Is there any way to get your auto finance company to reduce your payment?
I have a huge truck payment, and have difficulty paying it due to financial hardship. Will a finance company accept a lower payment, or reconfigure the payment?
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Answer by Tom D
I would only advise doing the following in an extreme case, but if you are desperate then try this. Don't make payments for a couple of months. Then contact the company and tell them that you are in a tough financial situation, but want to honor your committment to them. Ask them if they would be willing to lower your interest payment. If they aren't, then ask them if they'd be willing to lower your monthly payment, stretching out the time you would repay them. Often, companies are willing to work with people, because they don't want to have to turn your account over to collections or seek repossesion of the vehicle. If the intial customer service person doesn't give you a satifactory answer then ask to speak to a supervisor.
The reason you don't pay for a couple of months before making the call is that if they aren't getting their money, they'll be more willing to deal. I know that this often works with credit card companies. They are known to wave finance charges or lower interest rates, sometimes entirely, if it means they will get their money quickly.
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Namibia Ministry of Finance
Image by World Bank Photo Collection
The exterior of the Namibia Ministry of Finance building in Windhoek, Namibia. Photo: Philip Schuler / World Bank
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