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Auto Loans: Your Options When the Car Payment Is Killing Your Budget

Mini green car set on top of $100 dollar bills

Most of us still need cars to get around, and that means auto loans for most of us. That may be changing with the advent of services like Uber and an even greater emphasis on the use of public transportation, but as it stands today you probably need four wheels waiting in the driveway to make your life run smoothly. Buying a car can be tricky business though. Although often referred to as an asset or an investment, vehicles often seem like anything but. Your car may be nickel and diming you with one repair after another, or you may have paid too much for it and are now completely underwater on the loan. Perhaps you did not buy a car outright, but leased one. It may now need the expensive new tires you promised to be responsible for in the initial agreement, and you might be over the mileage allowed as well—meaning that it would now be cheaper to drive a rental car.

If you are interested in trying to keep your car, the best option is to speak with your lender and work on re-financing the deal. You may even be able to re-finance a lease or buy your car outright, putting yourself in a better situation long-term. If a re-finance is not possible and you are stuck with a payment you cannot afford, the only other options are to find another source of income to pay for it or possibly default on the car. Your mode of transportation is an important element of your life to consider—along with the negative consequences that are possible if you default on a loan. Not only will your credit be affected if you walk away (or the car is taken away), but you may find it challenging to purchase another car later.

If you are having trouble making your car payment, along with paying other bills, it is better to search for a solution earlier rather than later. Consult with an experienced law firm that can help you make the right decision. Debt collectors may be hounding you, and you may be worried about repossession, or the car may have already been taken. In this case, you should now consult with Fitzgerald & Campbell, APLC regarding your rights. The lender could also be lodging a deficiency judgment against you if they are losing money upon resale of the car. Other situations may arise such as a car accident in which you did not have enough insurance to cover the costs.

Mini green car set on top of $100 dollar bills

You do not have to handle this all alone, and especially harassment from anyone trying to collect a debt on an auto loan. If you are having issues regarding your vehicle, contact Fitzgerald & Campbell, APLC now. We can review your case and advise you about your rights, as well as how to protect yourself.

Call us today for a free consultation at (844) 431-3851, or email us at

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