Consumer Law, Warranties Car Loan After Death

[lauralynnee]

Hello-

My grandfather in Colorado recently passed away and he had a car that he was still making payments on. The car is not worth what he has left on it and we do not know what to do. Is it possible just to call the bank up to have them take possession again or will we be responsible for the difference between what is owed and what it's worth.

Thanks for your help...

 

[army judge]

Hello-

My grandfather in Colorado recently passed away and he had a car that he was still making payments on. The car is not worth what he has left on it and we do not know what to do. Is it possible just to call the bank up to have them take possession again or will we be responsible for the difference between what is owed and what it's worth.

Thanks for your help...

Sorry to hear of your grandfathers' passing.

You can call the bank and tell them to retrieve their car.

You are not legally responsible for the debts of dead relatives.

May you grieve in peace.




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[despritfreya]

You will not be responsible. Your grandfather's estate (if there is any) may be. Discuss this with a probate attorney.

 

[army judge]

In CO if the estate doesn't exceed $50,000 (and real property isn't involved), probate and the expense of a probate attorney is unnecessary.

The CO Bar Association has a website filled with useful probate related information.



Here is their website:

http://www.cobar.org/index.cfm/ID/20881

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