My father-in-law passed leaving the loan(debt) of a car. The car is solely in his name. She does not need or want the car, Is she responsible for the car? Plus the car is too expensive for her limited income. What should we do with the car?
We have inquired about turning the car as a trade in but the value is below the owed amt so she would be forced to cover the difference. Ford offered to auction the car and told my M-I-L that she would be responsible for the difference between the amount owed and the auction price. Our only other option would for the bank to repo the car upon non-payment - 23 payments remaining.
There is no estate and the is little to no equity in their house and the house is on the market to be sold. They had little savings, 2 pensions and now she will have his social security.
2007-10-20
03:37:31
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14 answers
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asked by
millz
1
in
Credit