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Home >> Special Situations >> Deceased Individuals
Repossession of Vehicle of Deceased
My father recently passed away, leaving a car loan, and a VISA account with a balance. He was the sole account holder in both instances. He was 71, so he didn't have CDI on the vehicle loan. We do not want the vehicle. Does the financing bank have any rights other than getting the vehicle back? I have no issue with them repossessing the vehicle, but I want to know if they have any rights to collect more than the vehicle.
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 They are entitled to a full payment of principal, interest and any fees. If the bank has to repossess the vehicle and sell it, those costs will need to be paid. If the bank is the seller, the buyer will almost assuredly low-ball the offer, so that the car sells for less, plus there are additional costs. If there is money still owed, they can request that from the estate. The executor should ensure that all debts are paid. The credit card will be in there as well. If you or the bank can sell the car for more than is owed, that overage goes to the estate.
Try to sell the car to pay the bank off. If the car is worth less than what is owed, definitely discuss that with the bank, to determine what they want to do. The executor and the bank are in control.
Published on BankingQuestions.com 6/02/10
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