Maggie in CA
Junior Member
What is the name of your state (only U.S. law)? CA
My boyfriend's elderly Father recently passed away and had a sizable balance remaining on a car loan.
My boyfriend was NOT a co-signer on this loan.
We told the the credit union right away (in writing) that we would be surrendering the vehicle and that there was no money in the estate.
Recently we went to close the checking and savings accounts to recoup funeral expenses. We were told we could not as the accounts were frozen as they would likely "offset" any potential loss on the auction sale of the auto.
Q1: How can they take these funds when my boyfriend's name is also on both accounts?
Q2: I heard that banks cannot take "offset" funds if the income source are retirement or social security (his Father's only 2 sources of income)
Any advice would be much appreciated.
Thanks,
Maggie in CA
My boyfriend's elderly Father recently passed away and had a sizable balance remaining on a car loan.
My boyfriend was NOT a co-signer on this loan.
We told the the credit union right away (in writing) that we would be surrendering the vehicle and that there was no money in the estate.
Recently we went to close the checking and savings accounts to recoup funeral expenses. We were told we could not as the accounts were frozen as they would likely "offset" any potential loss on the auction sale of the auto.
Q1: How can they take these funds when my boyfriend's name is also on both accounts?
Q2: I heard that banks cannot take "offset" funds if the income source are retirement or social security (his Father's only 2 sources of income)
Any advice would be much appreciated.
Thanks,
Maggie in CA
Last edited: