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Fixed sum car loan when you die
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I bought a car 3 years ago and as I had a poor credit history my Mother took out the finance (thtough the garage) in her name. It was a fixed sum car loan with barclays partner finance on a 4 year term. I paid the loan every month. Sadly my Mum die in June 2013, I didn't report this to the finance company as I just kept paying for the car. My Mum did leave an estate of approximately £50k which was shared between the family. I now no longer want, or can afford the car. I think the car is worth around £3k and there is around £4k outstanding.
Can anyone advise as to what will happen when I tell the tinance company of my Mums death.
Thank you
Can anyone advise as to what will happen when I tell the tinance company of my Mums death.
Thank you
0
Comments
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they'll want the money back, of course!
Technically the debt should have been settled from mum's estate before it went to relatives, and can be recovered from them
To save hassle I'd sell the car and pay off the balance myself.2021 GC £1365.71/ £24000 -
I bought a car 3 years ago and as I had a poor credit history my Mother took out the finance (thtough the garage) in her name. It was a fixed sum car loan with barclays partner finance on a 4 year term. I paid the loan every month. Sadly my Mum die in June 2013, I didn't report this to the finance company as I just kept paying for the car. My Mum did leave an estate of approximately £50k which was shared between the family. I now no longer want, or can afford the car. I think the car is worth around £3k and there is around £4k outstanding.
Can anyone advise as to what will happen when I tell the tinance company of my Mums death.
Thank you
who obtained probate and acted as executor?0 -
They will ask why it wasn't settled from her estate, and, if the estate has already been distributed, what happened to any assets left in your mum's estate.Can anyone advise as to what will happen when I tell the tinance company of my Mums death.
Thank you"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
I bought a car 3 years ago and as I had a poor credit history my Mother took out the finance (thtough the garage) in her name. It was a fixed sum car loan with barclays partner finance on a 4 year term. I paid the loan every month. Sadly my Mum die in June 2013, I didn't report this to the finance company as I just kept paying for the car. My Mum did leave an estate of approximately £50k which was shared between the family. I now no longer want, or can afford the car. I think the car is worth around £3k and there is around £4k outstanding.
Can anyone advise as to what will happen when I tell the tinance company of my Mums death.
Thank you
Oh dear, and you want their help now!!0 -
sell the car, and find the remaining £1K from the £50 K she left (or your share of it) and pay it back.0
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