I inherited a car that has a balance due more than it's worth

First, my condolences on losing your mother. That has to be very hard.

Second...why not try to sell the car for what it's worth. Just because KBB says it's something doesn't mean there isn't someone out there that's willing to pay what your ask. Put it up for sale for $8,000 and make someone feel like you're doing them a favor when you begrudgingly accept $7500.

I'm pretty certain it will damage your credit some if the car gets repossessed. You're going to have to carry the note as long as you have it if you can't sell it.

 

my first guess is that since the loan is in her name, you're not responsible for the payment and it won't affect your credit.

 

Have you probated her estate yet? You weren't a party to the loan unless you co-signed the loan. This should all be settled at probate.

 

my condolences, win.

other than the legal issue that has already been brought up, i'd take it to carmax or somewhere else to see if they'll give you what is owed on it. a $700 difference isn't really that huge.

 

you can disclaim the gift. you don't have to accept the car.

very, very sorry for your loss, Win.

 

In Texas, the will has to go through probate and a judge has to sign off on it, before the property can be officially transferred. Before the judge signs off, the executor of the estate has to promise to the judge that all outstanding debts have been resolved.

WRT OP's problem, tell the executor that you do not want the car (or the debt ftm). The executor can do as thy wish and can always contact the owner of the car loan and have them take back ownership. The loan owner might be willing to accept an offer on the car at the wholesale price, or perhaps lower.

I am not a lawyer. This not a legal opinion.

 

The car is the responsibility of the executor of your mom's estate.

 

You are not reading their posts. Who is the executor of your mom's estate. Get in touch with that person and tell them you don't want the car. It is possible that the estate will use money that was left in the estate to pay off the car.

 

You should also check to see if the loan has a death benefit to pay off the loan.

Sorry for your loss.

 

its a KIA its only going to go up in value. I would keep it.

 

Sounds like the financers got a problem not you

 

Declare bankruptcy.

 

Definitely sorry about your loss.

Max is an attorney, I would follow his advice. I'm not sure of what action is required to disclaim the gift, but I would find out and do that. I would make sure that you take that action and get whatever paperwork is necessary to show that it was done.

 

I'm sorry about your mother. Made for a strange "holiday weekend" I'm sure.

I lost my 20 year old cousin on Friday to a heroin overdose. Jake lost his dad when he was 14, so the pain of losing parents, especially if you're younger, is not an easy process. Everyone responds differently I suppose. Growing up in a rough Irish Catholic town in south Boston is just another layer of challenges. I'm dreading going to that cursed place. He wasn't even old enough to walk into a bar and buy a beer. It's just insane. I'm totally crushed.

**** heroin.

 

Have you considered contacting the bank?

 

The bank wants to deal with the executor of the will. The OP appears to be the de facto executor.

I bet that the bank deals with this kind of thing all of the time. Contacting the bank would be a good first step. They will let you know exactly what it will take to make the car go away.

 

I don't see how the will could not have named an executor (assuming it was professionally done). He is certainly acting in that capacity.