Next step

[Zigner]

If the estate is solvent the estate will have to pay the difference between what the bank can get for it when they sell it and the loan amount. If the estate has nothing, the bank is out of luck.

That doesn't mean that the estate isn't responsible for it.

 

[quincy]

Thank you, I'd love to take ownership of the car since it was my sister's. Her financing was $620/mo, I don't want to pay that. I'm waiting for someone @ the dealership to call me so we can discuss any options.
I appreciate your reply & I'll check out the link... thank you!

The dealership probably will arrange with you/your sister’s estate a convenient time when someone from the dealership can pick up the car or, if there is money enough in the estate to pay the balance owing on the car, the estate could pay off the loan and get a release of the lien.

Good luck. Again, I am sorry for your loss.

 

[LdiJ]

That doesn't mean that the estate isn't responsible for it.

Again, if the estate is insolvent, then the bank is out of luck. Funeral expenses, executor expenses and lawyers fees come off the top. If there is anything left over after those expenses the creditors share that.

 

[Zigner]

Again, if the estate is insolvent, then the bank is out of luck. Funeral expenses, executor expenses and lawyers fees come off the top. If there is anything left over after those expenses the creditors share that.

Let me be clear: I agree that the lack of ability to pay (due to insolvency) would mean that the bank would be out of luck. I don't believe that my statement contradicted that...but ok.

 

[LdiJ]

Let me be clear: I agree that the lack of ability to pay (due to insolvency) would mean that the bank would be out of luck. I don't believe that my statement contradicted that...but ok.

Your statement did not contradict that, but that was important information for the OP to know...in addition to what you said.

 

[quincy]

I imagine that the dealer will just come to get the vehicle and release the lien.

 

[LdiJ]

I imagine that the dealer will just come to get the vehicle and release the lien.

I am pretty sure that is what will happen as well. That is what happened when my boss's sister passed away. Her estate was definitely insolvent.

 

[quincy]

I am pretty sure that is what will happen as well. That is what happened when my boss's sister passed away. Her estate was definitely insolvent.

Sinamenone’s sister might have a sizable estate, given the type of vehicle being driven, the monthly payment amount, and the fact that the sister received an auto accident settlement amount in 2018. But the resale market for a 2020 Camry is pretty good right now and the dealership might want to sell the car rather than wait for the estate to settle.

Sinamenone should learn more when the dealership contacts him.

 

[FlyingRon]

It's possible this is a lease.

 

[quincy]

It's possible this is a lease.

That is a possibility no one yet had considered. That makes the dealership arranging to pick up the car more likely.