QUESTION
Why won't the bank repossess my brother's car?
Asked on Oct 08th, 2014 on Bankruptcy - Illinois
More details to this question:
My brother was single and died. He still had a $12K car loan. We don't want the car. He has no money left after all his medical bills. I have contacted his loan company 6 times requesting voluntary repossession and sent the death certificate. They are not responding. What can I do?
1 ANSWER
Debt Collection Attorney serving Chicago, IL
Partner at
Edelman, Combs, Latturner & Goodwin, LLC
2 Awards
A secured creditor is not obligated to repossess a car. On the other hand, no one except your brother's nonexistent estate is responsible for the debt. If the car is worth more than the loan balance, see if you can get title to the car (a small estate affidavit may be appropriate) and sell it. The loan company has to be paid off, and upon receiving payment must release its lien. If the car is not worth the loan, inform the loan company that you will cease insuring / maintaining the car if they do not retrieve it by x date, about 4 weeks in the future, advising where it is.
Answered on Oct 08th, 2014 at 7:35 PM