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Q:
If my car is close to being repossessed, can I trade my car for lesser payments?

If my car is close to being repossessed, can I trade my car for lesser payments, and then have the car dealership pay off the balance? -Martin

Martin,

Yes, you can try to trade in your car for a car with a lower payment. If you can, the dealer will payoff the balance on your current car. But you might have a difficult time doing this. You state your car is close to being repossessed. I assume you are delinquent with your car payments. If so, another lender will probably not want to finance another car for you for fear that you will become delinquent with your payments with them also.

The best thing you can do is to bring your existing loan current. Then, you could explore the possibility of trading your car in for another car with lower payments.

Good luck,

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