My Dad's car was repossessed shortly before he passed away-what happens next?

[egoh91]

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

My father passed away a few months ago. A few weeks before he passed, his leased car (in HIS name only) was repossessed (he failed to make monthly payments during the time he was sick). He received a letter stating that the car would be going up for auction. I am his daughter and the trustee of his trust. The car was not in the trust.
What is his estate financially responsible for regarding this car? I have no interest in getting the car back. Can this debt be passed down to me personally if the estate does not pay for any deficiencies resulting from the Repo or the broken lease agreement?
Thanks in advance

 

[OHRoadwarrior]

It depends on how the trust was written. Any assets not in the the trust are definitely fair game. How was the the car lease titled?

 

[racer72]

Lease repo's are different from repo's for cars that are purchased. A lot is going to depend on how much longer the lease is and the condition of the car. If I was in your situation, I would send the lessor a copy of the death certificate and you will could likely not hear from them again. If the estate is going through probate, let the probate attorney deal with it.

 

[OHRoadwarrior]

A lease repo or early return of a leased vehicle results in the vehicle being sent to auction and sold. The lessee or his estate is responsible for the balance after sale.

 

[Zigner]

A lease repo or early return of a leased vehicle results in the vehicle being sent to auction and sold. The lessee or his estate is responsible for the balance after sale.

To clarify, what "balance" are you referring to? The only balance the estate should be liable for is what is left on the lease after subtracting the proceeds of the sale.

 

[OHRoadwarrior]

Net of the cost of the lease, plus sales and repossession related expenses subtracted from the amount the auto sold for.

To clarify, what "balance" are you referring to? The only balance the estate should be liable for is what is left on the lease after subtracting the proceeds of the sale.

 

[Zigner]

Net of the cost of the lease, plus sales and repossession related expenses subtracted from the amount the auto sold for.

Gotcha. I disagree on the "sales" expenses - they'd have had to sell the car anyway.

ETA: Though, I suspect these amounts are spelled out in the lease agreement.