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You are here: Experts > Business > Corporate Law > Negotiating Disputes > What are my options
Expert: Ontrack Financial Group LLC
Date: 7/14/2008
Subject: What are my options
Question
Recently, my father passed away. Leaving behing a car note with $30K still owed on the car. However, the blue book of the car is only $23K max. No one in my family is willing to assume the loan. Is my mother responsible for the remaining part of the loan? Note: her name is not on the car or the loan. Also, my mother is in a nursing home and does not drive. I would like to hand the car over to the dealer but I do not know if they (the finance co.) will go after my mother for the difference in the loan and the value of the car. What are our options? Also, we are in the state of California.
Answer
Paul,
We're sorry for the loss of your father.
California law defines community property as any asset acquired or income earned by a married person while living with his or her spouse. Separate property is defined as anything acquired by a spouse before the marriage, or during the marriage by gift, devise or bequest.
While the finance company will seek the deficient balance (amount owed after the car is sold at an auction). It's hard to say what steps they may take ( place a claim on the estate of your late father, try to obtain a levy on your mothers bank accounts, or send the account to a collection agency ).
If no one is willing to assume the loan, try to sell it or restructure the loan with the finance company.
Good Luck
Ontrack Financial Group
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