What is the name of your state?
Wisconsin
My elderly parents are on a fixed income (social security). They have a 2004 automobile that they can no longer afford to make payments on. My question is: Should they contact the lien holder and have them come and get the vehicle? Or should they default on making payments and let them repo the vehicle on their time schedule? They have no assets, I'm wondering what will be the course of action that will be taken against them for the remaining loan balance and can they be forced to pay if thats all that they have is their social security as income. Your assistance is greatly appreciated.
jab1046
Wisconsin
My elderly parents are on a fixed income (social security). They have a 2004 automobile that they can no longer afford to make payments on. My question is: Should they contact the lien holder and have them come and get the vehicle? Or should they default on making payments and let them repo the vehicle on their time schedule? They have no assets, I'm wondering what will be the course of action that will be taken against them for the remaining loan balance and can they be forced to pay if thats all that they have is their social security as income. Your assistance is greatly appreciated.
jab1046