My Mother has Terminal Cancer

[Clipper965]

Florida


My car loan is in her name. It is a 2003 SUV worth about retail $7500 and about $6900 owed. The car has been mine since new and I made the original lease payments and when I bought it from the bank the loan was in her name as well.


The SUV is old now and I would like to be done with it. My question is: When she passes the SUV would be part of her estate. If I simply allow the bank to come and take it away will they (Major Global Bank) try and collect from her estate any monies?. I know when banks repo a veichle the amount can be vast as banks will simply sell the car to a wholesaler. I was told by a friend who was bank manager for many years if the money owed is under a set amt, it is not worth their trouble to file a claim on the estate and they simply take the SUV or Car away.

Any advice on what to do would be greatly appreciated. She has no will and this is a very stressful time as we try and get her affairs in order.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?

 

[FlyingRon]

Presumably the car title is also in her name. In that case the car was never "yours."

To answer the question, they can repo the car and come after the estate for any deficiency. Whether they will bother or not is hard to say.

Of course in your time of need, you might consider actually paying for a vehicle you think was yours rather than trying to figure out how to rip off the lender. This is not the "how do I commit fraud" forum.

 

[Clipper965]

Excuse Me

I was not trying to cheat the lender. The SUV at retail is worh more than owed. It is a very srtessful time for my family and all were trying to do is ask a simple estate question.

 

[Kiawah]

They could take the vehicle you think is worth 7500, unload it the quickest way they can which might be for 3900, and then come after the estate for the difference of 3000 (difference between what is owed 6900, and what they get from sale 3900). They'll unload it quick, which may be to wholesale it.

So instead of you netting 600 from the sale if you sell it (7500 - 6900)....you'll end up paying.

Your choice. You have no control over the sale if they take it back.