My friend needs to reduce their monthly out go, one of the loans on the plate is the auto loan, unfortunately some of the challenges my friend is facing are;
* recently lost their job –BUT is collecting unemployment from the state of California so essentially has income coming in each month
* currently going through a divorce –unfortunately my friends spouse has damaged EACH of their credit ratings.
so is there any way to refinance? are there lenders out there? CapitalOne Auto Finance is not an option, they do not so auto refi’s and that is whom my friends current loan is through. Should my friend try and trade the car in for a used vehicle?
Your help is appreciated…thanks so much!
As I recall, from the time I lived in California, unemployment is 6 months. Actually, I think it’s 6 months pretty much everywhere although I’m not positive of that since I’ve never collected it.
To answer your question, no one is going to give him a loan when he has no means of repaying it when the unemployment runs out after 6 months.
You’re “friend” is ******. Time to move to canada.
Tell your friend to wish in one hand and sh** in the other, and see which one fills up first….’cause that’s as close to a new loan she’s gonna get!
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