Legal Question in Credit and Debt Law in Florida
Spouses are listed on a 4 year car lease (wife did not have credit and needed husband to co-sign). Car was exclusively driven by the wife who recently died. The car has less than 1000 miles and is in perfect condition. The lease is for another 3 years. Loan is with Chase - they will not negotiate. Original dealership offers 6500 LESS than what is owed for the remainder of the lease. Are there any options here? Wife left no will and had no estate. I feel the husband is being taken advantage of. The car is just going to be an expensive lawn ornament for an old man . . .
2 Answers from Attorneys
Although the car was driven by the wife, the lease is for both parties. I do not understand why Chase would not negotiate, I suggest you find out what the payoff is, refinance the car with another lender, then place the vehicle up for sale for the balance of the refinanced loan. May be that you could rent the car to someone who can not get credit but would be willing to pay monthly payments.
Sell the car privately and with an understanding that the loan is to paid off at closing the deal by yourself. Want to know the law? Sign up for our free newsletter on varies areas of the law by sending an email to [email protected] and requesting the newsletter, or go to www.ConsumerLawyerHelp.com.
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