Talking to Creditors

Scenario 2

Creditor: Hello, Auto Dealer Financial Services. May I help you?

Customer: I sure hope so! I just lost my job and I don't have the money to make my car payment this month.

Creditor: Let's take a look at your account. What is your account number?

Customer: It's 9254639.

Creditor: Thank you. I see you only have four payments left on your loan.

Customer: Yes, that's right! I don’t want anything to get messed up now. I have always made my payments on time.

Creditor: How much do you think you will be able to pay?

Customer: I am looking for work now, but my first unemployment check probably won't arrive for about 30 days. Is it possible to just pay the interest until I am working again?

Creditor: I might be able to get you one interest-only payment, but you would need to make a larger payment next month.

Customer: Could I make half of my normal payment each month and extend the length of my loan?

Creditor: We might be able to do that, but you realize that we would need to charge you additional interest since your loan period will be extended.

Customer: That would be fine, as long as my loan will get paid off and my credit record won't be damaged.

Creditor: Okay, let's look at extending your loan then.

Customer: Thank you. I really appreciate it.