Dear Terry, My mother had bought two vehicles for which I am a co-signer. My mother is deceased now and I can't manage two new car payments. I want to give one up or consolidate them for one payment to prevent bad credit. What are my options? -- MichelleDear Michelle, Your options are going to be somewhat limited. You should contact the lenders and see if they are willing to renegotiate the terms. If both cars are with the same lender, the bank may be willing to let you sell one of the vehicles for less than what's owed and roll the difference over into a new loan on the remaining vehicle. This week•Beware of lemon car buybacks•Should I trade to get the latest feautres?•When can I refinance my loan?•Can I consolidate two new car loans?If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter advertisementRelated Links:Auto loan rates: March 26, 2009Saving on insuranceWhere's my car bailout?Related Articles:Vehicle leases going upOld loan not added to newCan't sell leased car
Dear Terry, My mother had bought two vehicles for which I am a co-signer. My mother is deceased now and I can't manage two new car payments. I want to give one up or consolidate them for one payment to prevent bad credit. What are my options? -- Michelle
Dear Michelle, Your options are going to be somewhat limited. You should contact the lenders and see if they are willing to renegotiate the terms. If both cars are with the same lender, the bank may be willing to let you sell one of the vehicles for less than what's owed and roll the difference over into a new loan on the remaining vehicle.
If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter
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