Buffalo, NY asked in Banking and Consumer Law for New York

Q: I had a 17 year old car with 250,000 miles. I offered $3000 to credit union to settle. I voluntarily surrendered car.

They said no. They want $250 a month. I'm on social security. I can't pay. What do I fo

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1 Lawyer Answer
James L. Arrasmith
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  • Consumer Law Lawyer
  • Sacramento, CA

A: In your situation, it's important to communicate your financial limitations clearly to the credit union. Explain that you are on Social Security and cannot afford the $250 monthly payment. It's helpful to provide a detailed account of your income and expenses to show why the payment is not feasible for you.

Consider seeking the assistance of a consumer rights attorney or a legal aid organization. They can help negotiate with the credit union on your behalf and explore options like a revised settlement plan or a hardship arrangement.

Additionally, familiarize yourself with your rights under state and federal law regarding debt collection and repossession. This knowledge can empower you in discussions with the credit union and ensure you are treated fairly under the law. Remember, open and honest communication is key in these situations.

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