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My folks are disabled senior citizens and are trying to find a way to get out of a upside down GMAC car loan. They were taken advantage of when they attempted to trade in their old Saturn sedan for a vehicle that had onstar. The agent didn’t give them even the blue book value on their trade in which was in excellent condition. Every time they go in for service the Saturn dealership takes advantage of them by telling them they need work done which they really don’t need. Any advise or help would be greatly appreciated. They are both at the end of their rope and I cannot afford to help them right now since I’m attempting to help my brother with his mortgage.

4 Thoughts on How do you get disabled seniors out of a upside down GMAC car loan?
  1. Reply
    May 3, 2011 at 4:32 am

    If they aren’t mentally competent the contract may not be valid. If they are competent they are in the same place as younger people who make bad choices. They can walk away and ruin their credit, keep paying until they pay down enough to sell for what they owe or just pay as agreed and keep the new car.
    Nothing you can do even if you have money if they make bad choices of their own free will.

  2. Reply
    May 3, 2011 at 4:54 am

    They can just pay the difference between what they owe and what the car is worth to get them back into equity. That’s about it. Your parents were not taken advantage of; they failed to inform themselves. Stop helping your brother with his mortgage. Personal responsibility is the key in both situations.

  3. Reply
    Chaz Vegas
    May 3, 2011 at 5:06 am

    There may be some senior advocacy groups in your area that can help. Maybe legal aid society. AARP. Catholic charities. If they cant help maybe they know someone who can. You have to start somewhere. If the car dealer truely preys on seniors maybe your local tv new station has a consumer advocate reporter. Have you even tried talking to the dealership?

  4. Reply
    May 3, 2011 at 5:07 am

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