Legal Question in Credit and Debt Law in Florida

Re: Deceased joint auto loan

No. she will then be responsible for additonal costs. Call them and try to work out an agreement.

Re: Deceased joint auto loan

The problem with simply letting the car be reposessed is that your mother will end up liable for not only the cost of reposessing the car, but also for a "deficiency". That deficiency is the difference between what they owe on the car, and what the lender is able to recover by wholesaling the car at auction. Even though you state the car is worth $13,000, the lender will probably sell it for much less at auction, which means an even bigger deficiency. Auto lenders are not walking away from debts like this, so your mother will be the subject of pretty aggressive collection techniques, and probably a lawsuit to recover the money owed. I'd contact them and explain the situation to see if they'll work with you. I'd also put the car up for sale immediately - even if you have to put money in to sell it and pay off the lender, it would be better than just walking away from the car.

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