If I let them repo it will them come after the executor of his estate?

Question

My husband was killed in war a little over a year ago.I didn't pay his loan off because at the time I though a friend of his was going to buy his vehicle & that was going to pay off the loan. To be honest is it an SUV V8 & the market is so soft on an suv these days. Although he owed (no cosigner) less than what it's worth so I am not upside down at the same time I don't have a clear view of what it's worth because of the fragile market, but it does have many upgrades like a viper starter alarm, great sound system, nice rims, well taken care of & so on... I have been paying on his loan although it was never transfered in my name. I was thinking of lettting it go, it's in great shape but this gas is wild & I have my own SUV. Will they repo it & come after me for more money or is that how the debt is payed free & clear since I am the executor & I say "take the truck"?

Answer 1

Even though the market is bad, you should try to sell the SUV on your own. If they have to reposes it, they will hit you with several fees (court filings have to be done, they have to insure the person coming to get the vehicle, late fees on the loan, etc). All of these will be deducted from the Fire-sale price they get from the SUV. They will likely sell it at a public auction and may not even get enough to clear the loan.

Answer 2

Sorry about your husband.

Chances are that they may go after the estate itself.

But your best bate is to give it back to the lien holder so there are no other charges or penalty and re-pro charges, but run to the lawyer who is handling the estate.

Ask for legal aid lawyer with army or company that had him in war zone.

But 1 year makes the executor vulnerable but most lander will negotiate rather then incur the expenses, that they may or may not be able to collect.

Answer 3

I suggest taking it apart and selling the parts...This way, you lose nothing....But, I dont know what your husband owes..and what he owns....If he owns nothing....then it would be a goood idea to sell the car off as parts.....