Author: ArleneT

Can you do a short sale on a vehicle? Well, of course, this is a question that may arise, especially with the increasing number of people facing challenges keeping up with their car payments. The typical car loan terms often span six to seven years, with the average car payment around $11,000. Consequently, more individuals…

Before considering a car short sale, it’s crucial to assess whether your situation aligns with the recommended guidelines. Firstly, ensure your loan balance falls between $8,000 and $80,000. This range optimizes the potential for a successful short sale. If your loan balance is below $8,000 or exceeds $80,000, its feasibility decreases significantly. Assessing Negative Equity:…

In today’s economy, the number of consumers facing challenges with vehicle payments is on the rise. With inflation and job market uncertainties, many find themselves unable to afford their vehicle payments. So, what are your options in such a scenario? Can you negotiate a short sale on your vehicle? Are there resources available from banks…

Understanding lender requirementsWhen considering a vehicle short sale, lenders seek certain prerequisites before approving such transactions. First, they typically expect the loan to have matured for a duration of 18 to 24 months, ensuring early defaults are avoided. This period allows scrutiny to eliminate potential fraudulent activity associated with the vehicle’s initial purchase. Buyer Eligibility…

According to a 2020 auto loan industry study, vehicle financing has surged to record highs, resulting in a substantial number of consumers facing vehicles with balances significantly exceeding their current value. The study reveals a staggering $1.2 trillion increase in auto loan debt, with an average loan amount of $32,000, suggesting a widespread accumulation of…

Owning a vehicle that’s become unaffordable due to high payments or unforeseen expenses can be a financial burden. Often, the debt owed on the vehicle surpasses its actual market value, posing a challenge in finding an exit strategy. Understanding short salesSimilar to the housing crisis of 2008, where homeowners resorted to short sales to relieve…

So you’ve got a car and payments, but they’re becoming unmanageable. Often, vehicles are bought through loans, which can lead to trouble if either your income drops or what you owe exceeds the car’s value—known as negative equity. What can you do when faced with this situation? The Rising Trend of ‘Give Car Back’ SearchesIt’s…

According to Kelly Blue Book, a respected authority on vehicle values, car loans on used cars have reached alarming levels—up to 125% of the car’s value. This means borrowers are securing loans well above the actual worth of the vehicles they’re purchasing, creating a concerning financial scenario. Understanding the dismal equationIllustrating this point, a $10,000…