Can I renegotiate an auto loan with GMAC?

[Confused33]

Just like the title says.

Can I call GMAC and tell them I owe xx and the car is worth bb will you lower the balance if I continue making payments? I have a good interest rate and term isn't terrible.

Reason I ask is wife doesn't have a job right now and she is a 603 so I can't go get anything new or used to replace it if I bail. I've posted a number of times about the vehicle in question.

[TEW]

not likely confused you can ask how upside down is the car?

[Confused33]

I'm not sure really. I owe $16,600. Its an 03 Tahoe Z71 w/75K miles on it. Pretty loaded out. I like the truck, just want to make the right decision here and get the most bang for my bucks.

[Flamingo]

The only way to lower the payment on your vehicle is to refinance it for a longer term to get the payments down as is being done with mortgages now to prevent foreclosures. Trying to get GMAC or any other lender to forgive principle on an auto loan is probably impossible.

[Never_Again]

In a bankruptcy, you can redeem the asset at current value. It has to be done in cash. There are companies that will do loans for this, but the interest rates are going to be pretty high.

I don't think that they will negotiate.

[TEW]

I'm not sure really. I owe $16,600. Its an 03 Tahoe Z71 w/75K miles on it. Pretty loaded out. I like the truck, just want to make the right decision here and get the most bang for my bucks.

It's worth about 10K tops. just did KBB with the info given.