Results 1 to 2 of 2
  1. #1
    Join Date
    Oct 2008
    Posts
    1

    Default What Happens to the Car Loan After I Voluntarily Surrender My Brother's Car Back?

    My question involves an auto loan or repossession in the State of: OH

    My brother is still missing from a tragic accident overseas. His car loan is being automatically paid. When I called the bank, they told me that it's better to surrender the car back to them vs getting it repossessed (the bank said it's not possible that the account will run out of money. So the loan will stay current, and therefore, repossession will not happen). They also told me what will happen to the car and the loan but it would make me feel better if I heard a 'second opinion' on this. Will you please tell me what will happen to the car loan when I surrender the car? Is that the way to go to stop the bank from withdrawing money? It's money that my family can use to buy plain tickets to bury my brother when his remains are finally found.

    FYI: my brother did not have a 'will'.

    God bless...riceeyes

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: What Happens to the Car Loan After I Voluntarily Surrender My Brother's Car Back?

    if the bank repo's the car, they will auction it off and any deficiency owed on the loan will be attempted to be collected from your brother or his estate.

    1. Sponsored Links
       

Similar Threads

  1. Removal (Deportation) and Reentry: Re-Entry Following Voluntarily Going Back to Malaysia
    By pageian in forum Immigration Issues
    Replies: 2
    Last Post: 01-30-2011, 01:04 PM
  2. Foreclosure: Voluntarily Surrending a Manufactured Home Back to Lender
    By cowboys in forum Buying, Selling and Conveying Real Estate
    Replies: 2
    Last Post: 01-06-2011, 01:27 PM
  3. Mom Died and My Brother Fraudulently Titled Her Car in His Name and Took Out a Loan
    By phiton in forum Estate Planning, Administration and Probate
    Replies: 1
    Last Post: 11-18-2010, 12:50 PM
  4. Repossession: My Bank Account Levied for a Truck That Was Voluntarily Given Back 7 Years Ago
    By akmama1970 in forum Cars and Dealerships
    Replies: 5
    Last Post: 09-13-2008, 06:17 PM
  5. Student Loans: Co-signed On A Student Loan For My Brother
    By Schicer in forum Debts and Collections
    Replies: 2
    Last Post: 02-20-2008, 10:03 PM
 
 
Sponsored Links

Legal Help, Information and Resources