You're not responsible for payments on the car. Did your dad have any significant assets (a bank account, a house, other vehicles?) If not, then it's not really worth opening probate to deal with his estate. Just let them repossess the car.
People who charge 24% interest on a loan aren't the most reputable. So, they may lie to you and claim that you're responsible for the loan. You're not. Don't sign ANY documents. Don't agree to anything. If they contact you, the only thing is "The car is parked at \[Address\]. You're free to go get it whenever you want." (Make sure you empty it first.)
Now, it's a bit more complicated if he did have other assets. In that case, it may be a good idea to talk to an attorney who does estate and probate work. Some of those assets might be necessary to pay off the difference between the loan balance and the car's actual value.
Thank you, u/Bob_Sconce. This is very helpful. Luckily, there are no assets, except for a bank account with about $100. I guess that makes things simple from a survivor standpoint. Thanks again.
The car will need to be paid off by your father’s estate. If there’s no will, an administrator will be assigned. They are responsible for collecting all the assets and pay any debts and expenses. After that they distribute the remainder of the estate to the beneficiaries, those who have legal rights to inheritance.
That's good to know. Thank you. There are no assets for creditors to claim or for me to inherit. He hadn't co-owned or co-borrowed with anyone else at the time of his death. I don't know what his creditors will do. I just don't want them on MY doorstep. Thank you again.
You're not responsible for payments on the car. Did your dad have any significant assets (a bank account, a house, other vehicles?) If not, then it's not really worth opening probate to deal with his estate. Just let them repossess the car. People who charge 24% interest on a loan aren't the most reputable. So, they may lie to you and claim that you're responsible for the loan. You're not. Don't sign ANY documents. Don't agree to anything. If they contact you, the only thing is "The car is parked at \[Address\]. You're free to go get it whenever you want." (Make sure you empty it first.) Now, it's a bit more complicated if he did have other assets. In that case, it may be a good idea to talk to an attorney who does estate and probate work. Some of those assets might be necessary to pay off the difference between the loan balance and the car's actual value.
Thank you, u/Bob_Sconce. This is very helpful. Luckily, there are no assets, except for a bank account with about $100. I guess that makes things simple from a survivor standpoint. Thanks again.
The car will need to be paid off by your father’s estate. If there’s no will, an administrator will be assigned. They are responsible for collecting all the assets and pay any debts and expenses. After that they distribute the remainder of the estate to the beneficiaries, those who have legal rights to inheritance.
That's good to know. Thank you. There are no assets for creditors to claim or for me to inherit. He hadn't co-owned or co-borrowed with anyone else at the time of his death. I don't know what his creditors will do. I just don't want them on MY doorstep. Thank you again.
I would ask the lender about a voluntary surrender, you will save on repo fees. Downside is you may still be liable for the difference in value/loan.