Dear Harry: I bought a new car last December. At the time, my son said he would help me with the payments even though the car and the loan have only my name listed. Unfortunately, he lost his job in February, and the help stopped almost immediately. I'm a senior citizen with a very limited income, so I'm now behind in my payments. I was advised to turn the car back to the dealer to get rid of the loan. It will be hard for me to get around, but there are special deals for seniors with cab companies and others, so it won't be impossible. I heard that they will be able to go after my bank account for the money I owe. Is this so? Is there any way to avoid this?

What Harry says: First, let me offer you my sympathy on your son's job loss. When the dealer gets the car, the lender will insist that it be sold at auction. It is after the auction that any deficiency will be determined. If the car brings less than the present value of the debt (not the remaining payments which are higher ), they will come after you for any balance due. In many cases, the lender will make some payout plan with you so you won't need a large sum immediately. They can sue you for the deficiency and go after your assets, but that practice is not as common as it had been. *

Write Harry Gross c/o the Daily News, 400 N. Broad St., Philadelphia, PA 19130. Harry urges all his readers to give blood - contact the American Red Cross at 800-GIVE LIFE.