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Our "elderly" parents took out a loan on their" 2000 BUICK…

Our "elderly" parents took out...
Our "elderly" parents took out a loan on their " 2000 BUICK CENTURY*****quot;, approximately 10yrs. ago and still owe close to $5000.00 on it.... Which is wayyyy more than it's worth!! They have been paying on just the "Interest" of $160.00 a month for the last 3yrs. or so. Now, this car is "Ancient" and breaking down Horribly on them, with only 2 electric windows that actually work, the speedometer isn't accurate, the Gas Tank screen is all over the place, it overheats constantly in the summer, the heater only works 1/4 of the time, the air conditioning and the Defrost work only half the time, and the main issue now, is the Battery keeps dying on them leaving them stranded constantly!! "One Main Financial", is insisting on the Full loan amt. of $5000.00 now.... What is Your advice on this?? Looking it up online, shows that at best it's worth $850.00... My Parents would just Love to give it back, and find something else more reliable and safe for them to drive.... What is the best way to solve this problem in the fairest way possible, w/o filing for Bankruptcy and messing up their credit scores?? They feel Horrible about this, but they're in a No Win Situation....??We Really appreciate any Suggestions or Advice that You may have, Thank You!!
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Answered in 5 hours by:
3/13/2018
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Legal
Satisfied Customers: 21,388
Experience: B.A.; M.B.A.; J.D.
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Hello: This is Phillipsesq. Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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I am so sorry to read about your difficulties.

Kindly note that I just came across your post. I do not have control over the question list or the promises made to you by the site as to the response time. I am just a site user just like you. Nonetheless, I apologize for the delay in response to your post.

Kindly give me a few minutes to prepare my response.

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Based on the information that you have provided here, my only suggestion would be for them TO STOP IMMEDIATELY from paying anymore on the this loan. They cannot be paying on a title loan for more than ten years and still owing on the loan. That is ridiculous. Let them take the collateral, the car. The lender knows that the collateral is worthless that's why they are now trying to scare them into paying additional $5,000.00. It is my suggestion that that they pay no more on the loan and let the lender take the car and then sue them for the "balance." They would respond to the lawsuit to show that the loan is a predatory loan and they have more than paid off the value of the loan and thus the lender is not owed anything.

They should also file complaint against the lender with their Attorney General's Office and the Better Business Bureau for predatory lending--an unfair and deceptive act and practice.

Best wishes,

A 5-star positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating. However, that is how I get paid for answering questions on this site.

Thank you for your cooperation.

Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Legal
Satisfied Customers: 21,388
Experience: B.A.; M.B.A.; J.D.
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Phillips Esq.
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Legal
Satisfied Customers: 21,388
21,388 Satisfied Customers
Experience: B.A.; M.B.A.; J.D.

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