Renegotiate Car Financing Debt ? Why would someone renegotiate their financing debt ? What is the most obvious answer … The default on “vehicle financing” has reached worrying levels, every time, the government reduces some taxes such as the IPI, joins banks and financiers making deals to start releasing more credit to take the assemblers of trouble, and as the increase in credit volume, tens of thousands of people pay the duck.
With credit in hand they think that they can, but can not, get into car financing, especially the zero km, and for a period of time they feel happy until they find that they will not be able to pay the plots anymore. As this situation of financial crisis arrives, the borrower still has some options:
1) Renegotiate debt by making a new financing of the car because it does not pay to pay the amount of the current installment and exchange for another car of reduced value. Transaction called transfer of the encumbrance of the same contract;
2 -) Refinance the car because it needs cash and so the car is given as loan guarantee;
3) Renegotiate debt of the financing by switching from bank, that is, making a portability of credit to obtain interest lower than the current financing.
Credit Portability an Alternative to Pay Off Debts
Credit Portability Is Worth Or Not To Swap Your Credit
These credit options for raising money or getting out of debt, have been many people’s alternatives. The most important thing in a situation where the financier realizes that things are not going well, is to try as soon as possible a solution (plan B).
As the charges begin to arrive in the mail is no use pretending they are invisible, we comment on the article paying debts, it is no use getting away from your debts, as well as not being left without answering the phones, also will not solve anything at all.
The wiser your money is no longer giving to honor your financial commitments is try to renegotiate the debt of the car financing with the bank or the creditor financial, you can stretch the deadline to reduce the value of the installments or try to sell the car with the debt to another person.
What can not in this story is to continue defaulting without taking an attitude that solves, if this does not happen, it is certain that the car is taken over by the lender. We know that when we contract a car financing, the car itself is the guarantee for the loan, I will be clearer, the car will be sold to the financing bank until all the installments are fully paid. The time is short, with about three months lenders are already coming in with search and seizure action.
So before the situation gets worse, decide to renegotiate the debt of the vehicle financing so you do not run out of car and still have a million dollar debt in the back.