Both signers of car loan deceased

[gemswabbit]

Repo man is on his way

The car has been turned in. Thanks for the feedback.

 

[Zigner]

What is the name of your state (only U.S. law)? PENNSYLVANIA
My brother [signer] died in May of 08 and my sister-in-law [co-signer] in July of '09. They had a car which they were paying almost a 19% interest loan on. Obviously their credit was bad. The lease is not yet up and of course they aren't paying on the car. No one is or will be driving the car...it's just sitting.

The bank has evidently put a repo company from New Jersey on the case.

What is the liability of the three children [19, 24, and 39] in regards to the car? [None of the three has the car, by the way.]

Are they legally responsible for giving any information?

Due to the high interest rate and the greediness of the banks...no one is really interested in helping the bank locate the car. And from what I've read, voluntarily turning in the car carries the same weight as having the car repo'd.

Ahhh, so because two fully competent adults entered in to an agreement with a high interest rate, YOU feel it necessary to say the bank is greedy. Darned business! Actually wanting to collect on what they are legally owed!

 

[annajosie]

Well Zigner,

Maybe you think the bank should dig the couple up and demand their money.

They are DEAD, MORTE, get it???

I don't think the kids are responsible for this mess unless there is an estate or something.

I can't believe how cold and heartless some people can be.

 

[ecmst12]

The debt belongs to the estate of both parties. The children have absolutely nothing to do with the debt. But if they want to get the estates settled, they should be working with the bank to get the car back to them so that final estate claims can be made. If both people had no estate, then the debt will have to be written off, but the bank is of course going to want proof.

 

[Mass_Shyster]

The debt belongs to the estate of both parties. The children have absolutely nothing to do with the debt. But if they want to get the estates settled, they should be working with the bank to get the car back to them so that final estate claims can be made. If both people had no estate, then the debt will have to be written off, but the bank is of course going to want proof.

And seeing as the value of the car is going DOWN while the payment due for the car is going UP, the longer the bank has to wait for the car to dispose of it, the more the bank will want from the estate.

 

[Zigner]

Well Zigner,

Maybe you think the bank should dig the couple up and demand their money.

They are DEAD, MORTE, get it???

I don't think the kids are responsible for this mess unless there is an estate or something.

I can't believe how cold and heartless some people can be.

Are you daft? OP is hiding the car from the bank. Says the bank deserves nothing!

Yep, they're dead. But when they were ALIVE, they made an agreement.

 

[gemswabbit]

I guess I'm looking at legally owed vs. ethically owed. The banks seem to be on the amoral track and don't seem to be too concerned about ethics [ethos?] From my 7 seconds of internet detective work, the bank is only paying the repo people about $150. Of course I could be wrong...often am...but still.

 

[anteater]

I guess I'm looking at legally owed vs. ethically owed. The banks seem to be on the amoral track and don't seem to be too concerned about ethics [ethos?] From my 7 seconds of internet detective work, the bank is only paying the repo people about $150. Of course I could be wrong...often am...but still.

All of which is irrelevant.

For crying out loud... Tell the children to quit acting like 10 year-olds and tell the repo company where the car is.

 

[Zigner]

I guess I'm looking at legally owed vs. ethically owed. The banks seem to be on the amoral track and don't seem to be too concerned about ethics [ethos?] From my 7 seconds of internet detective work, the bank is only paying the repo people about $150. Of course I could be wrong...often am...but still.

Legally AND ethically, the bank has every right to expect repayment from the estate.

Incredible...

 

[ecmst12]

Ethically? No one is paying the loan and the people who borrowed the money are deceased. The car belongs to the bank, legally, morally, AND ethically. And ethically speaking, the dead people shouldn't have agreed to borrow money they couldn't afford to repay even while they were still alive. But that's another story altogether. No one is trying to hold the kids responsible for the debt but by working against the bank, they make themselves look guilty (perhaps of trying to appropriate the car which does not belong to them). If they have nothing to hide, they should call the bank, tell them where the car is so they can pick it up at their convenience.

 

[Mass_Shyster]

I guess I'm looking at legally owed vs. ethically owed. The banks seem to be on the amoral track and don't seem to be too concerned about ethics [ethos?] From my 7 seconds of internet detective work, the bank is only paying the repo people about $150. Of course I could be wrong...often am...but still.

OK, if you're trying to stick it to the bank, tell the repo guy where the car is, so the bank has to spend an extra $150 getting the car back. They probably don't pay if they don't get the car.

 

[gemswabbit]

Geez Zigner...you'd probably defend Ebenezer Scrooge. At any rate, the repo man will probably be the one to be contacted.

By the way, my brother was a corporate attorney until the corporation went
belly up in 2004. He lost everything and was in the process of working his way back...so he was making the car payments. But, two funerals and horrendous medical bills did more than wipe out any type of estate.

May you all have better luck!

 

[JETX]

By the way, my brother was a corporate attorney until the corporation went belly up in 2004.

How is that relevant??

Let's try to see if YOU have any morality or ethics??

Did DEAD brother and his wife have any children?? Did they have any assets, home, bank account, etc.??
If they did, then those assets need to be distributed by resolving their estates. And that means that their debts MUST be resolved, including the lessor.

If you think that hiding their assets (if any) or somehow ignoring the creditors will work, it won't. If the lessor fails to recover (repossess) THEIR property, they will very likely file a lawsuit against the estate.... and FORCE the estate (or heirs) to step forward and show what assets and what happened to them.

Your playing childish games will only cost the heirs (if any) more money.