is estate responsible for debt co-signed by decedent for car loan if car repo'ed AFTER the death?

Question

My mother co-signed car loan for her grandson. Car was repo'ed 7/11/20. As executor of her estate ( she passed in 5/20), I received notice that the car would be sold on 7/29/20. I did not receive that letter prior to the sale date. The estate is in probate process in WV. ( I live out of state).
Is the estate responsible for any remaining debt if the car sold for less than the balance on the loan? The grandson tried to negotiate payments for past due amount but the bank would not even talk to him about it.

D Stanley · Answer

Is the estate responsible for any remaining debt if the car sold for less than the balance on the loan?
Yes, as well as the grandson (assuming he is the cosigner). My guess is the "deal" he tried to make with the bank was not satisfactory when they know they can more likely get the full amount from the estate. Or he is lying to you hoping to get out of the debt.

is estate responsible for debt co-signed by decedent for car loan if car repo'ed AFTER the death?

One Answer

Add your own answers!

Ask a Question