QUESTION
Is it possible to negotiate with the finance company to lower the price and and duration of payments of our car?
Asked on Jan 21st, 2014 on Estate Planning - Colorado
More details to this question:
My husband passed away. Our car title and financing is in his name only. One year to go to pay it off.
11 ANSWERS
Trusts Attorney serving Sacramento, CA
at
Law Office of Victor Waid
Update Your Profile
Consult with the finance company as to whether you can modify the terms of the contract.
Answered on Jan 27th, 2014 at 11:11 PM
Edwin K. Niles
Anything is possible. Try, but don't set your hopes too high.
Answered on Jan 24th, 2014 at 7:48 AM
2 Awards
Contact the car company. This is not a legal question, it is up to the company financing the car if they will work with you.
Answered on Jan 23rd, 2014 at 9:59 PM
You could try to negotiate with them but they will more than likely file a claim with the estate or pursue their remedies in the courts, quite possibly repossess if payments are not made.
Answered on Jan 23rd, 2014 at 9:58 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
Yes, the worst thing they can say is no.
Answered on Jan 23rd, 2014 at 9:58 PM
Commercial Attorney serving Chicago, IL
at
Ashcraft & Ashcraft, Ltd.
Update Your Profile
You can try to negotiate a reduction but it would seem that the finance company has little incentive to do so. You probably could negotiate a refinance of the remaining balance to lower the payments and extend the number of payments. You may have to go to an outside finance company to do the refinance.
Answered on Jan 23rd, 2014 at 9:57 PM
Thomas Edward Gates
The bank may permit you to refinance the car as a used vehicle. They cannot accelerate the required payment from you.
Answered on Jan 23rd, 2014 at 9:57 PM
3 Awards
Yes. It may be possible. They do not need to negotiate. However, you need to address how title is transferred to you. I urge you to speak with an experienced probate attorney about necessary steps.
Answered on Jan 23rd, 2014 at 9:57 PM
You can try. However, the financing company has a written contract signed by your late husband. His estate is obligated to pay off the loan. These agreements usually allow the company to repossess the vehicle if the payments aren't made regularly. You might be able to get a short delay (a month or two) before having to make the next payment.
Answered on Jan 23rd, 2014 at 9:55 PM
Business Planning Attorney serving Livonia, MI
at
Frederick & Frederick Attorneys at Law
Update Your Profile
Yes, this can be done. You may be able to find a bank or credit union that will refinance for you at more affordable rates.
Answered on Jan 23rd, 2014 at 9:54 PM
You can always attempt to negotiate different terms.
Answered on Jan 23rd, 2014 at 9:54 PM