Bank One says they will not release the title until the vehicle is paid in full. My mom had no money in the bank and no 401k. I have been her sole caregiver for 9 years. She lived with me in calif. until we moved to Florida.
Yes you have to pay the 5 payments to get the car. I would only do that if mom had no other debts otherwise the car would have to be sold to satisfy these debts since mom had no money left.
You can find out how to assume her loan and possibly the vehicle by seeing an elder law attorney. Your mom had no estate, but the car was hers in so far as payments almost done; it seems she did not add you to the title, which in California would have been easy. You still would have assumed the rest of the payments for title release.
I would see an elder law attorney with your question and wish you the best.
Yes. I am doing it now. Pay off the lien. Then when title gets to address on title take to DMV with death certificate and you can get it changed over. Call DMV there to get it straight.
I think that this is a question for your attorney if there is a probate attorney helping with the estate. You say your mom has no money, so I am uncertain if there IS even a probate being filed, but this car would not go to YOU unless you are on the title. It would go to your Mom, or rather her estate, and have to be sold then for distribution of the state after any medicaid clawback and after payment of mom's final bills.
I would pass this by an attorney. Worth a few minutes of phone time paid by you.
Yes, you do. And if your mother's contract with Bank One was structured as this kind of loan usually is, it's actually quite nice of them to give you the option.
To explain: at the time of your mother's death, the bank still owned the car, the contract ceased, and any outstanding debt became immediately due. The bank is allowing "her estate" - as represented by you - to fulfil the contract and attain title to the car, but unless the contract says otherwise I believe they don't have any obligation to do that.
Unless your Mom was paying for some kind of car loan life insurance, which usually a bad deal, the only way to get the lender to release the title is to pay off the loan balance in full or by finishing the payments.
Are you listed as a joint owner or as the pay on death beneficiary? If not, you’ll need to look up how to transfer title, if you decide to pay it off.
Another concern would be if there is a Medicaid lien on the car.
If you can pay five payments and get clear title to the car I would expect that you could sell it for a good profit, but you may prefer to keep and drive it.
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I would see an elder law attorney with your question and wish you the best.
I would pass this by an attorney. Worth a few minutes of phone time paid by you.
To explain: at the time of your mother's death, the bank still owned the car, the contract ceased, and any outstanding debt became immediately due. The bank is allowing "her estate" - as represented by you - to fulfil the contract and attain title to the car, but unless the contract says otherwise I believe they don't have any obligation to do that.
Are you listed as a joint owner or as the pay on death beneficiary? If not, you’ll need to look up how to transfer title, if you decide to pay it off.
Another concern would be if there is a Medicaid lien on the car.
If you can pay five payments and get clear title to the car I would expect that you could sell it for a good profit, but you may prefer to keep and drive it.
Your mother didn't own the car yet -- the bank/lender owns it until it's paid off.