Parents financed our car in their names. They passed away, a balance remains. Can the bank repossess the car?

Question

My mom-in-law & dad-in-law put $7,000 down on a SUV for me & my husband and completely financed the SUV in their names.Me and my husband didn't have the credit to finance it in our name.My dad-in-law came into a large settlement & gave money to his 3 sons to go towards cars.My dad-in-law was very ill at the time we finaced the car at the dealership.The car salesmen knew that even though my in-laws were financing the SUV, me and my husband (their son) would have possession of the SUV.My dad-in-law financed the SUV because he wanted his 3 grandkids to have a safe and reliable vehicle.Me and my husband have made ALL the monthly payments on the SUV for 4 years, the insurance has always been in my name and we always paid for the title/renewal sticker. At the time the SUV was financed me and my husband traded in our Dodge intrepid which did have a bit of balance owed on it in addition to the $7,000 I mentioned previously. Both passed away now the bank wants to reposses it, can they?

Answer 1

The bank wants their money, they really dont care about the details of why you are not keeping up with the payments, everybody has a story, so talk to the bank, make some arrangements and catch up on your payments or loose the car.

Answer 2

My mother recently passed away and left a car and a house that I had to take care of. I learned that they could really care less who sends the money as long as the payments were made on time. However, some lein-holders wanted to be paid in-full right then-and-there! If your parent-in-laws didn't leave any money to pay off debts (even the ones they made for you), then you can try to find out if the loan is transferrable into your name. If they will do it then you must apply and be approved. (It has been a few years so you never know, you might get approved). If the loan is not transferrable still try to make payments (they won't refuse them) and try to secure an small (signature) loan and pay off the lein-holder.

I hope my experience and suggestions might lead to some good ideas on your end. I am sorry for your loss.

Answer 3

I don't think that the bank can take the SUV unless you do not make your payments.. You did not say if the SUV is registered in your name or your father in laws.. If it is in his name you need to get it changed into yours or after it is paid for who ever inherits the SUV gets it.

Answer 4

I hate tell you this but yes the bank can reposses the car. Unless they get their payment by law they have the right to it. Good luck with this. I really hope you get to keep the car.

Answer 5

Yes I am afraid they can unless you get the bank or finance company to put it in your name and finish paying for it.Financing is different now and it may be easier to get one in your name. I had one repossessed and I turned around and bought another car and we have also declared bankruptcy before. I hope this helps you.

Answer 6

is your suv worth more than youowe?
if it is, of course the back will want it.

roll it off in a river and don't turn it in on your insurance.
you're probably gonna lose it any way.
then they can sue the legal owner.

i was wondering, can you insure something that is not legally yours??
tell your insurance company you want your money back.

disclaimer:
always consult an attorney before taking my advice.

Answer 7

Did you let the payments fall behind? If so, I guess they can, but if the payments are kept up I don't see how. How much longer is the finance agreement?

Answer 8

Yes

Answer 9

was there loan insurance?if so they cant take the car.but as long as the payments are made no one will bother you.the car belong to the estate there for if you are a heir the car is yours.but you have to make payments if there were no loan insurance

Answer 10

Find yourself a lawyer that gives you your first twenty to thirty minutes for free and find out what you really need to know by someone who can tell you for sure.