Question about car loans

[schmalts]

My Mom passed away last Sunday, and I have been dealing with all the crap that has to be done with her bills, and loans, and other things when someone dies. She had a 2008 car that she has very little equity in. Do any of you know anything about car loans enough to know if some finance companies have a death benefit of sorts that cover the loan when the person dies? She did not take out the disability insurance that I see was offered, but My sister thinks that some finance companies automatically insure them for death. I am skeptical but she said when her husband died his truck was automatically paid off.
I will have to call them sometime soon but maybe some of you guys dealt with this before. If it is not insured we will most likely let them repo it back as with todays economy selling it for what the balance of the loan is will be very doubtful. None of the grandkids can afford to take over payments either so basically, no one wants it at the current loan balance.

 

[jabber]

Can't help you, but sorry to hear about your mom.

 

[Big Fin]

Schmalts:

Sorry to hear about your mom. Prayers sent for you and your family during this difficult time.

As far as the loan, if she took "credit life" on that loan, it will be paid off when she dies. If she declined it, the loan is not paid off. Credit life is usually a rip off and in most instances is not offered to older buyers.

You will be able to look at the loan applications, if you can find them, and determine if she accepted or rejected. The price of that stuff is expensive, so most people decline it.

Again, sorry to hear about your mother.

 

[TLC]

Schmalts, condolences on your moms passing.

Big Fin is right on the money with the credit life.

 

[Spitz]

Sorry to hear about your mom Schmalts. My best to you and your family.

If she didn't take the credit life option, there are various routes to go depending on her estate so that you don't end up with a car you don't want. Your probate attorney should be able to help you out if you have one.

 

[1_pointer]

Very sorry to hear about your mom! You'll be in my thoughts.

 

[Bambistew]

Sorry about your mom. You'll be in my thoughts and prayers.

I don't know anything about the loan, sorry.

 

[schmalts]

Spitz, no probate attorney hired yet, as I don't think we will need one. It was sad, Mom ran out of life the same time she ran out of money. She called all 4 of us kids the day she died and was crying and said we will all have to give her some money each month. She lived above her income, treated her body badly with what she put in it, and the market crash didn't help any as she made a bad move and had what she had in stocks. Her IRA had 250$ left, and her checking account had 150$. We had been trying to get her in assisted living this last few months and she fought us all the way.
She had a heart valve replaced about 15 years ago, and it was supposed to last 10 years only. Her health and habits in the end gave us little hope of her making it through any more heart surgery so this was no shock to none of the family. She was a good woman and mother, she will be missed, but it was one of those deals where in the last couple years she was on borrowed time and knew it.
I doubt she had that insurence on the car loan, so I think we will most likely let them repo it since there is no money for them to go after instead.
Anyone want to take over payments on a 2008 Kia spectra with 9,000 miles? it's yours really, it's in NC

 

[noharleyyet]

Very sorry for your loss Pat.

 

[DRAFTSTUD]

Sorry for your loss, judging by your pictures she must have lived a long life. John

 

[Bwana]

So sorry to hear this. Just because you know it is coming doesn't make it any easier.

 

[schmalts]

Sorry for your loss, judging by your pictures she must have lived a long life. John

Not really, she was 69 years old. I don't consider that a long life, but she outlived all her younger siblings. Her side of the family all die early. Her sister died 2 years ago from cancer at 60, Her Brother died at 45 from a massive heart attack while deer hunting. He was a smoker but not overweight by any means. His nephew found him face down in the snow on opening day many years back. Sad thing that was to deal with for that poor kid.
That family traight keeps me trying to stay in shape as best as I can if you know what I mean. The cancer thing almost got me already, but I kicked it's ass

 

[DRAFTSTUD]

Just trying in my lame way to bring ya a little smile in a rough time. John

 

[Spitz]

Sounds like you got it figured out. My best to you and your family.

 

[cjcj]

Sorry to hear about your MOM ...I have two 83 yr olds in bad shape...Any advise??

 

[sreekers]

My girlfriends parents have been dealing with death of their parents as of late. Girlfriend's Mom didn't have much in writing, so unfortunately its brought out the worst behavior in them. Bug them to get everything they want done written, it could potentially save you a lot of grief in dealing with family.

Sorry to hear about the loss, hope it goes smoothly from here on out.

 

[schmalts]

Sorry to hear about your MOM ...I have two 83 yr olds in bad shape...Any advise??

CJ, a couple years ago I had my Mom on the phone and we went on a website called legalzoom.com and made a will and living will for her. A lot cheaper than hiring a lawyer and covers the basics if that is all that is needed. Fairly cheap too, you answer a bunch of questions on line, and a few days later papers come in the mail that need to be signed and witnessed. (or noterized)
Me and the wife did the same thing. Not having a will is a mess waiting to happen.

 

[1_pointer]

cjcj- To echo sreekers comment, make double sure who they have listed as executor of the estate and if it will be split between multiple parties to whom goes what. I feel that I've been lucky thus far as in dealing with my father's estate, my brother and sister are all getting along and refuse to let it cause a rift between any of us.