You should first and foremost call the institution that you have the loan with. They would much rather get a payment from you than get it back. 99.9% of the time, a repo causes a loss. Extending your loan term to lower the payment is a much more appetizing option for a financial institution. You have to talk to them and be truthful with them. If they can work with you, they will. Better for everyone involved.

My two cents.


Here's to champagne for my real friends and real pain for my sham friends.

Roll Tide!
Justin