Delinquent owner lucky to have car

Dear Terry,
I co-signed a car note for my son and he is five months behind on the car. Do you have any suggestions for him to bring the car note current? Neither he nor I have all the money to bring it current. He could do weekly payments, possibly.
-- Mary

Dear Mary,
If your son is five months behind, I'm surprised he still has the car.

He should immediately contact the finance company and see if they are willing to make any concessions, such as accepting partial payment, until he can bring the loan current.

Here are this week's reader questions:

• Hang on to SUV if you're 'upside down' • Is gap insurance worthwhile? • What are my odds of a refinance? • How can I bring my car note current?

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.