Repossession

[tigger22472]

What is the name of your state? Indiana

Can a vehicle be repossessed if it is in the middle of probate and there is obvious evidence that the extra insurance (not sure what it's called) was paid to ensure the vehicle was paid for in the event of a death? What legal recourses can be sought if in fact the company is notified of the situation and yet still gets possession of the vehicle?

 

[racer72]

First, the estate should have stayed current on the payments till the insurance took effect. This apparently did not happen. The payments made after the death would have been reimbursed. The estate, if the vehicle is still wanted, will have to get current with the payments plus pay any storage and impound fees. The creditor does not have to wait till the insurance company pays to be paid. The estate could also be liable for any deficency if the vehicle is sold for less than the balance owed on the note.

 

[tigger22472]

First, the estate should have stayed current on the payments till the insurance took effect. This apparently did not happen. The payments made after the death would have been reimbursed. The estate, if the vehicle is still wanted, will have to get current with the payments plus pay any storage and impound fees. The creditor does not have to wait till the insurance company pays to be paid. The estate could also be liable for any deficency if the vehicle is sold for less than the balance owed on the note.

K.. I'm with you how they should have stayed current with the payments. If I'm not mistaken the people involved relied on what the lawyer has told them... so their mistake. Currently the vehicle is on the property owned by the deceased, secured in the garage and there are no plans to sell the vehicle until everything is settled on it. So the best advice right now is to pay the debt up out of the estate?

I know you can't probably answer this but is there any way of knowing what the average time is? Currently the daughter of the deceased is paying the house payments (as this insurance does not exist) until she can either A refinance if for herself or sell it.