question regarding my parents who are senior citizens and have not assets
my parents have a car that they can no longer afford to make monthly payments on. I believe toyota motor is going to repossess the car and I assume they will sell it at auction. My parents have no money to repay the balance of what is owed and what it sells for. My parents are in their 70’s and have no assets and no income. What will toyota do and do my parents have any other options?
Once the car is sold at auction then Toyota will go after them for the big balance due. However, if your parents are living on benefits and have no assets there will nothing the lender can go after or garnish to collect.
If this is there only debt then they could just let it sit and attempt to ignore it but if the collection pressure gets to be too much they could consider bankruptcy to discharge it.
You parents situation is what many call “judgment proof” but it does not mean they won’t have a judgment issued against them, just that it won’t be collectible.
Regardless, I’d suggest you find a local attorney to discuss this with since it will probably result in them being sued for the balance due and a judgment granted.