How to handle left behind debt.?

Question

My brother bought a new car 1 yr ago, and passed away recently, I contatcted the finance co but they refuse to speek to me because i am not on the contract what do i do with this car? who will pay for it?

what can i do? help me

Answer 1

You don;t have to worry about it.  Worst case they may repo it.  Best case, they may decide to do nothing.  Either way, it's not your headache.  till something happens, happy driving./

Answer 2

I am sorry to hear about your loss.

The finance company cannot force you to pay for the car unless you were a cosigner.  One thing you may want to do is to find the paperwork from when he took the car loan.  Very often, the finance department offers debt cancellation life insurance, which says that if the borrower dies, the debt is cancelled.  He might have waived that insurance, but if he paid for it, the car is now free and clear and can be passed on to whoever he named in his will.  

The car technically belongs to his estate, as does the loan.  If the car is worth more than the loan on it, then I would find out if your brother left a will, or if there will be an executor of his estate.  They may want to pay off the car in order to give it to someone.  If the loan is greater than the value of the car, the executor may just want to have the finance company take it back.  Or, they may want to try to sell it.  Whoever is the executor will have to handle this.

I would send the finance company a copy of his death certificate advising them of his passing.  You also might need to notify the insurance company, to have them send a bill in the name:  "Estate of Joe Smith".

Good luck.

Answer 3

call them an tell them to come and get it because you are not going to pay for it. they are probably searching for someone to take over the payments.. if he was married then it will go to his wife.. if no wife then it would go to the Co-signer... if there is neither then the bank would take it back.