Trading Down
Lenders have been working for months to keep cash-strapped customers in their vehicles. Finance companies have extended loan terms, lowered interest rates, and rescheduled payment dates. But what about encouraging consumers to trade in their vehicles for less expensive ones (either smaller or older)? Is that a feasible option?
Tags: modification, trade
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Replies to This Discussion
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Permalink Reply by Ricky Beggs on -
Marci, Good question. The most likely holdup to this is that many borrowers are still upside down on the existing loan so getting out creates other problems.
Ricky Beggs -
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Permalink Reply by Marcie Belles on -
Good point, Ricky. Any thoughts on whether the percent of people upside-down on their loans might actually be declining?
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