How can I take over a car loan after the death of a relative?
May 20, 2014 6:11 PM Subscribe
It's okay with the estate, but now I need to deal with the car company. How do I make sure that I can take over the car loan of a dead relative in order to keep the (sentimental) car, keeping in mind bad credit and not enough money to pay it off entirely?
posted by anonymous to Work & Money (10 answers total)
The amount left on the loan is larger than the value of the car, by about $1K, but we don't have the cash to buy out the whole debt. Right now, the estate is on the hook for the debt left on the car, but if we can take over the car payments, it will leave more money in the estate for other heirs. The executor and everyone else is okay with this.
I've been told the company may do it, but it will require a credit check. Myself and my spouse both have pretty bad credit - high 500s, low 600s. But we have really good income which could be proven if necessary. Is there a way this can work, something we can offer? Maybe a higher interest rate? Or what is the best way to handle this?