How can banks make you pay for a repossesion of a vehicle, if income is Social Security and a Disabiliy check

Question

Husband parents got a vehicle that they can not pay for and with all the talking back and forth about reduce pay, they still decide to

have vehicle taken back. He receive a small pension and Social Security and she receives Disabilty check. Is there anything that they can take away from them to pay back rest to debt? Can bank take away their paid home, other vehicle and other items in MO? This will be a big debt, probably $25,000 or so. I am glad that we are not that stupid.

Answer 1

They bought it.........they need to pay for it............sorry..........

Answer 2

The bank will try to recover the money it is due.  No one forced your husband's parents to make that purchase or sign the loan documents for it.  The bank gave them money and they failed to pay.  

They will owe the difference between the loan balance (plus repo fees) and what the vehicle sells for.  If the amount is truly that large, I'm sure the bank will sue for it.

Answer 3

They can't take money from SSI but they can take any cash that is in banks and they can put a lien on the house.    They may have to wait until his parents die, but they can get their money then.