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Springing Mother's Car from Body Shop
My mother died and her car was in the body shop. She was still making payments on it, and it is only in her name. Do I have to pay the deductible to get the car out of the shop, or can I let the bank get it out of the shop? |
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 If you pay the deductible to the body shop, it can be assumed that they have the remainder owed from the insurance company. They may not release the car to you, even if you pay them. They should release it to the executor of your mother's estate, when they are paid. That may or may not be you.
They should release it to your mom's lender, after they're paid, so coordinate with the lender. Have the executor contact the lender and tell him what has happened, and how the lender will be repaid in full. If there is credit life insurance, the debt will be paid that way, but the lender will otherwise want to know who is buying the car and paying off the loan.
Published on BankingQuestions.com 11/19/09
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