Car on Credit

rp951

My late grandad bought a car on credit. He left the car to me but there is £15,000 left to pay on the car. I am being told the dealers want the installments or the dealers will take the car back. Do I have to pay this? Or should the money be paid out of my grandads pot of assets (he has some money in his accounts also). The executor of the will is threatning to send the car back if I dont pay the installments saying he has the power to liquidfy assets to pay off debt and its my responsbility. I didnt even want the car but I am getting a feeling Im being taken for a ride by the executor (also my uncle , who is jealous I got the car in the first place).

neilmcl

I don't see an issue here. The car technically belongs to the finance co. If you want it then pay off the finance, if you don't, and you say you don't then just let them take it.

arcon5

I don't see the problem. His estate owes money for the car... so the estate can either pay it or return the car... if the estate doesn't have enough money then the car is returned, or you can take possession of the item and pay the balance.

But you can't keep the car AND have the HP debt attached to it written off..

used_car_manager

you have no claim to the car as the financial interest is your grandads.

you cant take over the payments as its you havent had the credit check and its your grandfather that signed the contract, so the contract is with him and the finance company.

the finance co may do a deal with you as they sell finance not cars so they wont really want the car back as it will go to auction, so they will only return trade price less acution charges.. this is a lot less than the amount borrowed + interest.. with teh amounts you are talking it wouldnt surprise me if they were down 5k+.. so they will love to get you onboard so they can get the advance + interest rather than trade price

1st thing to look into is this ... is the car negged? (negative equity) ie does he owe £15000 but the car is only worth £13000

if the car is worth less than what he owes stay away from it because should you need to sell you havent got enough in the car to settle the agreement so you would need to put your own money in to clear it...

what car is it? year, model, mileage condition etc and i'll value it for you..

one other thing if its HP you need to look at the "termination of your rights" on his finance doc as you may be able to hand it back with out having to pay anything

just to let you know i have been in the car trade for 12 years as a business manager and sales manager and know most loop holes and tricks

Strider590

rp951 wrote: »

My late grandad bought a car on credit. He left the car to me but there is £15,000 left to pay on the car. I am being told the dealers want the installments or the dealers will take the car back. Do I have to pay this? Or should the money be paid out of my grandads pot of assets (he has some money in his accounts also). The executor of the will is threatning to send the car back if I dont pay the installments saying he has the power to liquidfy assets to pay off debt and its my responsbility. I didnt even want the car but I am getting a feeling Im being taken for a ride by the executor (also my uncle , who is jealous I got the car in the first place).

Let them take it.......

The car is never going to be worth what the finance is going to cost.

motorguy

rp951 wrote: »

My late grandad bought a car on credit. He left the car to me but there is £15,000 left to pay on the car. I am being told the dealers want the installments or the dealers will take the car back. Do I have to pay this? Or should the money be paid out of my grandads pot of assets (he has some money in his accounts also). The executor of the will is threatning to send the car back if I dont pay the installments saying he has the power to liquidfy assets to pay off debt and its my responsbility. I didnt even want the car but I am getting a feeling Im being taken for a ride by the executor (also my uncle , who is jealous I got the car in the first place).

Presumably your grandfather expected to live long enough to pay the car off, OR for the finance to be cleared from his estate THEN you get the car.

I take it your point would be all debts should be paid from his estate, then the assets dispersed as was your grandfathers wish?

Bit of a sticky one.

I think you need to get to a solicitor and get a definitive answer.

used_car_manager

Strider590 wrote: »

Let them take it.......

The car is never going to be worth what the finance is going to cost.

unless grandad put in a large deposit...

could be a 50k car and grandad only borrowed 18k..

need to know what car it is

motorguy

I'm curious - whats the car and how much is it worth?

Hope you dont mind, but i posed the question over on another forum but under a 'law' thread to see what they come back with?

forgotmyname

Down to whoever distributes the estate.

He offered you the car but there is £15,000 outstanding. Says pay that and its yours.
Unless it states in the will that the estate should pay it off then give it to you it may take expensive legal assistance to get any further.

What is the car worth? Is it worth you paying it off then selling it?

If not say no thanks and let them do whatever they want.

motorguy

Found this website...

http://www.wisegeek.com/what-is-probate.htm

Which is saying "The estate settles these debts out of assets and distributes the remainder of the assets according to the will of the deceased."

However i dont know if that means you could settle a debt by handing back the car?

motorguy

i would seriously get legal advice on this.

The crux is, in order for the car to be 'given' to the O/P the finance needs to be cleared with monies from the estate of the grandfather.

The grandfather clearly wanted the grandson to have the car, not the debt and the car.