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Father passed away car has outstanding credit, who owns if we clear finance
My Father passed away over Christmas, he had two cars on HP one was for my brother who paid the finance and my Dad just took the HP out for him due to poor credit history. This car was registered to my brother as the keeper with DVLA. In December my Dad transferred ownership to my Brother. I'm not sure how that would work due to outstanding HP.
The second was his own car which also has outstanding HP.
Neither had any HP insurance.
There was no cash or assets left, my father rented his home and had no insurance policies or savings.
The finance company has offered the cars to me at a discounted rate and I was just wondering if we purchased them would they then be included as part of the estate or would they be owned by whomever cleared the finance?
There are outstanding balances on his credit cards which I am assuming is written off if there is no money in the estate to clear that debt.
Re: Father passed away car has outstanding credit, who owns if we clear finance
The 2nd car he had actually given to me prior to going into hospital, his operation meant that he wouldn't be able to drive for several years post op.
I was at the time uncertain of the legality of this, because only just over one third of the finance had been paid. I didn't worry too much at the time as we where fully expecting him to return home, it was obviously a big shock when he deteriorated and passed away. He assured me that this would be ok as he intended to pay the remainder of the finance and that I would in return be available to drive for him.
I really don't know what to do and wondered if the car would need to have been completely free of finance before he could sell or transfer ownership.
Re: Father passed away car has outstanding credit, who owns if we clear finance
They are not part of his estate as he does not own them, they belong to the hp company.
When you say they have offered them to you, do you mean for a csh sum or taking over the payments? if what you have to pay is less they are worth on the market then seems a pretty good deal. You will have to change the registered keeper bit, bit wrangle when someone dies but if you have probate and/or letters of administration then you can do that.
All you need fron the hp co. is the form saying you have paid all the debts and they no longer have an interest in the car. then they use to do with as you will.
Father passed away car has outstanding credit, who owns if we clear finance
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