 TITLE: Can’t Afford Your Car Payment? Here’s What to Do CONTENT: Contact Your Lender\n-------------------\nYour first stop: your auto lender. Call and explain that you're at risk of falling behind on your loan. Since vehicle repossession is usually the most time- and resource-intensive route when payments are missed, many lenders are willing to work with borrowers to get their payments under control. And the sooner you get in touch, the more options your lender may be able to offer.\nHere are two things you can try right away.\n*   **Request a change in due date.** Just got a new job, and can't make your next payment because your payday changed? Ask your lender to adjust the due date of your next payment. Even if payday is only delayed by a week, it's worth calling and asking to avoid the late fees.\n*   **Alter your payment schedule.** To keep you from defaulting, your lender may be willing to create a payment plan that suits your needs. For example, it could extend your loan term so your monthly payments are lower, break your payments into smaller biweekly chunks or let you pay off missed payments over time.\nHeads-up that these options might come with fees, and could cause you to accrue more interest than you otherwise would. Ask your lender about these potential ramifications, and get updates in writing to avoid future confusion.\nIn fact, whenever you contact your lender, the Consumer Financial Protection Bureau recommends jotting down the name of the representative, as well as their ID number and any case numbers affiliated with your request. END