Affordable Transportation for Seniors: Stop Making Car Payments!

When seniors transition from working to fixed incomes, they are often saddled with high car payments that they no longer can afford to make. In this video, Attorney Eric Olsen explains why low-income seniors should stop making car payments and consider affordable transportation options for seniors instead.

Time Stamps
0:00 Introduction to Attorney Eric Olsen and Affordable Transportation for Seniors
1:40 What seniors can do if their car payment is too high
3:00 Why it’s OK for seniors to stop making car payments and let the car be repossessed
5:07 Why stopping car payments is different for seniors on a fixed income than young workers
6:06 How to buy a car for cash
9:26 You could stop making car payments and keep it for a few months to save up to buy another car with cash
10:49 Other affordable transportation options for seniors
12:28 Affordable transportation options for seniors who have their driver’s license suspended
13:22 Seniors should realize they have the option to stop making car payments
14:18 How HELPS Non-profit Law Firm could help you with your financial issues

Attorney Eric Olsen, Executive Director of the HELPS Non-profit Law Firm, explains why seniors could stop making car payments if they are too high. The former bankruptcy attorney details why seniors can stop making high car payments, unlike younger workers, as their income is protected by federal law.

Olsen walks viewers through the repossession process, and what repo men are and aren't allowed to do. He even lays out how you could stop paying for a few months to help you save up enough to buy a cheaper car.

The lawyer lays out how to buy a used car for cash, which can also lower your car insurance bills. He details affordable transportation options for seniors including Uber, Lyft, and taxis. Taking a taxi to the grocery store may seem like a luxury, but it could save you hundreds of dollars a month over making regular car payments. By getting groceries delivered, seniors could save even more money.

Finally, the Founder of the HELPS Non-profit Law Firm describes how HELPS can help you at little or no cost, including keeping debt collectors at bay.

Jeff Hoyt is SeniorLiving.org’s Editor-in-Chief.

For more on why seniors shouldn't worry about old debts, watch    • Why Seniors Shouldn't Worry about Old...  

For how to deal with debt collectors, watch    • Why Seniors Shouldn’t Worry about Deb...  

To learn how seniors can avoid paying taxes, watch    • How Seniors can Avoid Paying Taxes......  

To learn when Seniors should consider Bankruptcy, watch    • Seniors and Bankruptcy  

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To contact the HELPS Nonprofit Law Firm, call 1-855-435-7787 or visit helpsishere.org.

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Like to save money? Please watch: "The Best Senior Citizen Discounts"
   • The Best Senior Citizen Discounts  
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