Private Auto Sale With Person Who Dies

[mimsathome]

What is the name of your state (only U.S. law)? Massachusetts

In October of 2008, I signed an agreement to buy a friends truck. In our agreement, we set a purchase price of $3500, which I would pay back at the rate of $100 per month until the truck was paid for. I paid $100 per month for 10 months, for a total of $1000.

There was no warantee on the truck. But I have had to spend $1000 to make repairs to the truck and get it back on the road.

My friend died in July 2009. Do I have to pay the balance of the $3500. Who do I pay it back to? The truck is not worth even $3500. My friends daughter is demanding that I finish paying off the $3500 (balance of $2500).

Any ideas or thoughts would be appreciated.What is the name of your state (only U.S. law)?

 

[Zigner]

You owe your friend's estate the $2,500.00, per your agreement.

What repairs you've had to make and the actual value of the truck are irrelevant.

What is the name of your state (only U.S. law)? Massachusetts

In October of 2008, I signed an agreement to buy a friends truck. In our agreement, we set a purchase price of $3500, which I would pay back at the rate of $100 per month until the truck was paid for. I paid $100 per month for 10 months, for a total of $1000.

There was no warantee on the truck. But I have had to spend $1000 to make repairs to the truck and get it back on the road.

My friend died in July 2009. Do I have to pay the balance of the $3500. Who do I pay it back to? The truck is not worth even $3500. My friends daughter is demanding that I finish paying off the $3500 (balance of $2500).

Any ideas or thoughts would be appreciated.What is the name of your state (only U.S. law)?

 

[JustAPal00]

You owe your friend's estate the $2,500.00, per your agreement.

What repairs you've had to make and the actual value of the truck are irrelevant.

I second this statement.

 

[mimsathome]

The Rest Of This Problem

What is the name of your state (only U.S. law)? Massachusetts

In October of 2008, I signed an agreement to buy a friends truck. In our agreement, we set a purchase price of $3500, which I would pay back at the rate of $100 per month until the truck was paid for. I paid $100 per month for 10 months, for a total of $1000.

There was no warantee on the truck. But I have had to spend $1000 to make repairs to the truck and get it back on the road.

My friend died in July 2009. Do I have to pay the balance of the $3500. Who do I pay it back to? The truck is not worth even $3500. My friends daughter is demanding that I finish paying off the $3500 (balance of $2500).

Any ideas or thoughts would be appreciated.What is the name of your state (only U.S. law)?

Thanks for the replies to my first post. I know I have to repay the money to the estate, but just needed to confirm that.

But there is additional information I left out. Here is that information.

This truck was not owned by my friend. I'll call her Liz. The owner of the truck was her husband, Mike. When we were doing this sale, Liz and I executed a SECOND bill of sale, stating the purchase price for the truck is $1000. But Liz had her husband Mike's name (address, etc.) on this second bill of sale, and he signed it. The registration, title (no lien) and insurance were also in Mike's name, not Liz's. It was this bill of sale, title and proof of insurance coverage (all in Mike's name) that I turned in to the RMV to register the truck, pay the taxes and get the tags.

I paid $500 to Liz before she passed away. My proposal to Liz's daughter would be to split the difference on Liz's bill of sale. 3500 divided by 2 = 1750. Add Mike's bill of sale amount: 1750 + 1000 = 2750. Subtract the 500 I already paid: 2750 – 500 = 2250. According to the bill of sale signed by Liz, I am to pay $100 a month until the truck is paid off. I am willing to honor that and pay $100 a month to her daughter.

So now you know the rest of the story. Thoughts, ideas, recommendations, questions are welcome. This is a great forum. Thanks again to everyone who gave feedback.

 

[Zigner]

Based on your additional information, I have updated my prior post:

You owe your friend's estate the $2,500.00, per your agreement.

What repairs you've had to make and the actual value of the truck are irrelevant. The fact that you conspired to defraud the state is irrelevant (to this issue).

Thanks for the replies to my first post. I know I have to repay the money to the estate, but just needed to confirm that.

But there is additional information I left out. Here is that information.

This truck was not owned by my friend. I'll call her Liz. The owner of the truck was her husband, Mike. When we were doing this sale, Liz and I executed a SECOND bill of sale, stating the purchase price for the truck is $1000. But Liz had her husband Mike's name (address, etc.) on this second bill of sale, and he signed it. The registration, title (no lien) and insurance were also in Mike's name, not Liz's. It was this bill of sale, title and proof of insurance coverage (all in Mike's name) that I turned in to the RMV to register the truck, pay the taxes and get the tags.

I paid $500 to Liz before she passed away. My proposal to Liz's daughter would be to split the difference on Liz's bill of sale. 3500 divided by 2 = 1750. Add Mike's bill of sale amount: 1750 + 1000 = 2750. Subtract the 500 I already paid: 2750 – 500 = 2250. According to the bill of sale signed by Liz, I am to pay $100 a month until the truck is paid off. I am willing to honor that and pay $100 a month to her daughter.

So now you know the rest of the story. Thoughts, ideas, recommendations, questions are welcome. This is a great forum. Thanks again to everyone who gave feedback.

 

[Mass_Shyster]

Subtract the 500 I already paid

I paid $100 per month for 10 months, for a total of $1000.

I think your proposal to Liz's daughter should be to pay the $2500 you owe her.