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Due to financial issues they need to sell the car asap but they still owe $14,000 to the bank. Can anyone tell me if they should let the bank reposes? The car needs a lot of work and the dealer offered very little money, Can anyone give me advice on how to handle this situation.

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Is the car in there name, both of there names. Do they need credit for the AL. I'm thinking just let the car go, if I decide id probably drive the car to the dealership, myself. Is it worth more than is owed on it?

To be honest I could be completely wrong so I'm curious as to what others will say. So don't take my word on this.
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Reply to Anxietynacy
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I would let the care be repossessed. Firstly this couple doesn't need credit (which will herewith be ruined). Secondly, if you sell it as their POA, and it doesn't bring what is owed, the couple will THEN owe the money. That may, sadly still be the case with repossession and with the car being sold by dealer for under what is owed, but at least you can simple ignore bills from them. The couple cannot pay; they will have ruined credit, but what does that matter now when credit will no longer be needed.

I am assuming you are POA. No one else can willy nilly deal with this. As POA you have the right to expert advice paid out by your parents funds, so I would run this by an attorney for your area with a phone consult if possible.
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Reply to AlvaDeer
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If they still owe $14K on the vehicle which it apparently now is not worth, I would let them repossess it.

Any other debts they have: if your parents have dementia/memory issues and someone is operating as their FPoA, then don't answer or respond to any of those calls, write "No longer at this address" on their collections mail, etc.

Do they own their home? If so, this should be sold to pay for their care.

If they now have no funds to pay for AL, then you'll need to talk to the AL admins. Whatever you do, do not sign any paperwork making you responsible for paying for their care unless you are very wealthy. Very.

In most states Medicaid only pays for LTC.
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Reply to Geaton777
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"If your vehicle is repossessed and sold, you may be responsible for paying the difference between the amount left on your loan, plus repossession fees, and the sale price. This is known as a “deficiency balance.” Similarly, if the car is sold for more than what you owe, you're entitled to receive the surplus.Sep 12, 2023"

I have never had to deal with this so have no idea how to handle.
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Reply to JoAnn29
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If the bank reposes, they will probably try to sell/auction it to see what they can get. If there is still a balance (which there probably will be), the bank will try to go after your parents. After a time, they'll probably sell the debt to a debt collector and write it off.

What make and model is the car? If it is a high rated brand, like Toyota or Honda, the remaining balance may not be too bad.(if there is one)
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Reply to cover9339
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