Car, BK7 and renegotiation of loan?

[RictusGrin]

Strongly considering BK7.

Question: I have a auto loan at a smallish bank in AZ at 7.2%
Is it a common and agreeable tactic to attempt to renegotiate your autoloan with the bank when there is financial hardship?
NOTE: I am current on all my payments.

Basically I want to call them and say
"look guys, I'm unemployed. Considering the economy who knows when that will be. I've been excellent customer to your bank these last 3 years and I want to keep the car but at the current monthly it's too much. Will you please lower the rate to your lowest advertised rate (3.99) so I can keep the car and continue to make payments without interruptions?"

Good odds they'll react favorably?
Not instantly flag me for repo?

Thanks much in advance!

[HHM]

It's a tactic

Is it common, yes, in the sense that many people try it.

Does it work; almost never.

The most you can usually hope for is a temporary forbearance in the payments (2-3 months). It doesn't hurt to try, but car lenders are the least willing to renegotiate the terms. Profit margins are so thin on car loans in the first place, that even a minor change in the portfolio effects its performance.