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My husband had a car on finance with large balloon payment after 3 years, I’m now left with no money and wondered whether if I persue the repossession order on his car, will it affect my credit rating in the future or will it affect the house. The car was in his name. I am trying to prioritize my finances following his death – 2 small children etc, no mortgage protection or insurances to speak of

7 Comments »

1. 

   If you are in the UK, the liability on the finance agreement would have died with your husband. You should therefore notify the finance company of his death and ask them when they are coming to collect the car.

   Comment by fengirl2 — April 7, 2010 @ 4:13 am

2. 

   sell it

   Comment by SERVICE CREW — April 7, 2010 @ 4:13 am

3. 

   Depending on what state you live in.. it’s community property of the marriage.. meaning.. that his debts are also your debts…. if you can afford to sell the car.. for what the balloon payment is…. or even better MORE than the final payment.. do everything you can to do so…..

   If you own the house.. what about a refinance.. I know the market for mortgages isn’t wonderful at the moment in most states.. HOWEVER.. it may be worth it if it saves the car and dosen’t increase your payment much…..

   A repo on your credit stays for a minimum of 7 yrs… also.. once the auto is repoe’d… anything they do not get from auction to cover the loan and all cost of recovery.. they charge you for….

   Good luck… hang in there.. sorry to hear about the death of your husband…

   Comment by gin_in_mi — April 7, 2010 @ 4:13 am

4. 

   In England debts are wiped clean in the event of death of the owner,you firstly need to live being able to pay for your rent / mortgage,council tax,gas, electric ,water charges,telephone,food to eat,cleaning items washing items,renewable items all before paying out on insurance,having a car to pay for is even more,petrol, road, fund insurance & sevices, I’m sure theres even more to think off then meets your stand in life,I hope that things turn out just right for you

   Comment by angie n — April 7, 2010 @ 4:13 am

5. 

   Hand the car back, sorry but there’s nothing you can do.

   Comment by Scott H — April 7, 2010 @ 4:13 am

6. 

   I’m sorry to hear of your personal circumstances. They best idea would be to visit the Citizens Advice Bureau for free advice regarding you finances.

   Comment by brian t — April 7, 2010 @ 4:13 am

7. 

   If the company are not being sympathetic and his estate isnt paying it then you can either try and arrange to pay an agreed sum for them to release the car from hp or at worse let it get reposessed. The car was in his name so you and your credit are definitely not affected. To be assured you can also get in touch with Experian the credit reference agency and register a notice of correction to state you had nothing to do with the car or the finance. Finally Im really sorry for your loss lol x

   Comment by Claire D — April 7, 2010 @ 4:13 am

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