Hello,
My father recently passed away and he had a car loan in his name(with NO co-signers).
It has approximately $5,000 left on the loan and I do not want the car.
Can the car just be surrendered over to bank without any legal ramifications?
The car is worth about $3,500, so I was hesitant on paying it off and selling it at a loss.
Can the bank take the car, sell it, and (legally) come back at me(or his estate) and recoup any financial losses? If this situation has a potential to get ugly I may just pay it off and take the loss.
Thanks in advance,
Mark
My father recently passed away and he had a car loan in his name(with NO co-signers).
It has approximately $5,000 left on the loan and I do not want the car.
Can the car just be surrendered over to bank without any legal ramifications?
The car is worth about $3,500, so I was hesitant on paying it off and selling it at a loss.
Can the bank take the car, sell it, and (legally) come back at me(or his estate) and recoup any financial losses? If this situation has a potential to get ugly I may just pay it off and take the loss.
Thanks in advance,
Mark
