answered 8/31/2010 Has Anyone Done A Loan Modification On A Auto Loan? I've Had A Job Change (less Salary But At Least I'm Still Employed; Some Can't Say That This Year). But I Don't Want To Be Paying The Note On This Vehicle For The Rest Of My Life Either. Any Advice? Has anyone heard of Save the American Dream. I had a Kevin Morgan call to modify my car loan. He said I qualify and can reduce my interest rate from 11% to 6%. The fee is $350.00 for paperwork.