How a cramdown saves money
Here's an example of vehicle loan cramdown that shows how you can reduce your vehicle payments and be free and clear after paying less.
Are you Behind on Your Auto Payments
Vehicle loan cramdown doesn't just likely reduce your vehicle payments and the total you pay. You'd also not have to catch up on late payments.
Time requirements for a Cramdown on Vehicle Loan
The time requirements for a cramdown on a vehicle loan in Chapter 13 requires that your loan is at least two and a half years old. But there are exceptions to this.
Qualifying for a Cramdown
To qualify for a Chapter 13 vehicle loan cramdown, mostly your loan must be at least two and a half years old. There are exceptions to this.
Reaffirming your Vehicle Loan
If you want to keep your vehicle and still pay on its loan, file a Chapter 7 case to write off other debts and reaffirm the vehicle loan.
Cramdown on Vehicle Not Bought for Personal Use
The 910-day condition for doing a vehicle debt cramdown doesn't apply if the vehicle was not "acquired for the personal use of the debtor."
