Results 1 to 3 of 3
  1. #1
    Join Date
    Aug 2007
    Posts
    2

    Question Widow's Responsibility For A Car Loan

    My grandfather recently passed away who had taken a car loan (in his name only) in the state of Arizona. My grandmother, who does not drive and has never had a driver’s license, is now faced with owing 19k on a 2006 Kia Sorento that is only worth 17k. Can she voluntarily turn the car in without any negative impact to her?

    Thank you,
    Jake

  2. #2
    Join Date
    Aug 2007
    Posts
    2

    Default Re: Grandpa Died

    Also... The title of the car is soley in his name, not the estate, nor my grandmother. I called the finance company this morning and they stated that we could turn the car in; however, my grandmother would owe the outstanding balance of the difference between what is owed and what it would sell for at auction.

    I talked with my tax person who has limited knowledge of law and said if the car was not titled to the "estate of" we should be able to turn the car in with no issues since it was in soley in my grandfather's name.

    Any advice is appreciated.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Grandpa Died

    If the loan is exclusively in his name, a default or repossession shouldn't affect your grandmother's credit. The lender may be able to make a claim for the deficiency against your grandfather's estate.

    1. Sponsored Links
       

Similar Threads

  1. Repossession: Responsibility for a Loan
    By freedomsue in forum Cars and Dealerships
    Replies: 2
    Last Post: 04-22-2010, 01:58 PM
  2. Debt Collectors: Widow's Responsibility for Medical Debt in Oklahoma
    By vplus3 in forum Debts and Collections
    Replies: 2
    Last Post: 01-12-2010, 11:30 AM
  3. Repossession: Family Responsibility for an Auto Loan
    By jpowel17 in forum Cars and Dealerships
    Replies: 8
    Last Post: 08-23-2008, 07:19 PM
  4. Debt Collectors: Widow's Responsibility For Husband's Medical Debts
    By brokeandalone in forum Debts and Collections
    Replies: 3
    Last Post: 01-04-2007, 06:42 PM
  5. Repossession: Ex-Spouse's Responsibility For A Car Loan
    By SassyCathy in forum Cars and Dealerships
    Replies: 2
    Last Post: 06-29-2006, 11:40 AM
 
 
Sponsored Links

Legal Help, Information and Resources