How to Write a Request for a Lower Car Payment

Rather than waiting until you have several late payments on your record or the car dealership is in the process of sending out the repo man, write a request for a lower car payment. If you offer to making arrangements to pay the car loan -- even at a lower payment -- the car dealership might work with you. However, if you do nothing and the car payments remain unpaid, there is a strong probability you will lose the car and be walking.

Instructions

1

Find the lender's address. Look on your billing statement for the lender's physical address for loan inquiries. (This might be different than the billing address.)

2

Type your name, address and phone number on the top of the document. Place it in the center of the letter. Skip two lines, and add the date underneath your address. Space down two lines.

3

Move to the right-hand margin. Type the lender's name, street address and the city, state, zip code on three separate lines beneath each other. Skip two lines, and write, "RE: Request to lower monthly car payments of Your name" on the first line and "Car loan number: XCQ123456" on the next line. Make sure that your insert your name and car loan number into the writing.

4

Space two lines down, and write the salutation. Choose from examples such as "Dear Gentleperson," "Dear Sir" or "To Whom It May Concern." Go down two more lines.

5

Compose the letter. Place the request to lower the car payment on the first line. Point out your history of on-time payments, the length of time you have owned the vehicle and your strong desire to keep the car.

6

Give the reason for the request. For example, discuss medical problems that are overwhelming you financially or the loss of employment. Include situations that lead to a lower monthly income, such as a change in marital status like a divorce or the death of a spouse.

7

Suggest alternative loan arrangements. Ask that the loan be rewritten to a lower monthly payment by reducing the interest rate. Request the loan payoff date is extended for one year to reduce the monthly payments.

8

Close the letter. Include a thank you and a date to get back to you. Sign your name. Proofread the letter for errors. Make a copy for your file. Type the envelope, insert the letter, add a stamp, and place the letter in the mail.