Does anyone have experience with the death of a family member & a vehicle that isn’t paid off? At the time of his death, my FIL owed $15,000 on his car loan. The car is said to be worth $20k. My BIL notified the bank (State Farm) of FILs death and has been trying to sell the car. He had an offer of $15k but turned it down because if he took it, “it wouldn’t be doing anyone but the bank a favor.”
The bank sent him paperwork (don’t know what it was) and he said he wasn’t going to do anything with it because he’s not paying off the loan. So I am wondering, when someone dies, does the bank/finance company continue to tack on late fees for every missed payment and eventually repossess the car? The last payment was made on June 2nd. I am just wondering if the late fees will continue to accrue and eventually the car will be repossessed? Or will there be no late fees? The longer it sits, the more that will be owed on it because of the late fees. The bank knows where the car is, since they sent my BIL paperwork.