Truck was repossessed...what to do?

For all who read this thread let it be known that dealing with someones death is very hard emotionally but even more the cleanup of everything afterward. The greatest thing you can do for your loved ones is to have an updated will, be organized with your assets, debts etc so they don't have to go through hell.

 

^^^THIS!

My dad passed in 08 without a will. Everything was resolved within the family amicably, but the paperwork, etc. took us years to resolve. No one wants to think about a will and get their stuff in order, but your relatives will thank you later.

 

One hundred percent right they hear it all I'm sure. I just gave them the facts. If that's how they wanna do business and what they decide that's on them. Personally I think it's a poor business decision but that's their choice/decision to make. I'll just buy it for half as much at auction for next to nothing.

 

I’m sorry the truck is gone. But glad you can look at it from a realistic perspective and walk away if needed.

If you decide to get another Tacoma, good luck in your search for a great 2nd Gen!

 

pay the note if you want to keep the truck, if not bye bye tacoma

 

First, sorry for you loss.

I think I'd just let it go. It's not just the buyback from the bank you'd have to pay, but you'd have to pay for taxes, transfer fees, go through the frame inspection and replacement process, and then who knows what else this thing will need soon... brakes, tires, exhaust, etc. Plus every time you look at the truck you'll be reminded of the hassle. Move on, raise a glass and toast your dad, and get your will (and your mom's!) done up so as to save someone else from this kind of situation.

 

Buddys you raise a lot of valid points. At this point I have no emotional attachment and frankly would buy it just to prove a point. And yes I know it would prove nothing to anyone logically and the bank doesn't care.

 

I would contact bank and explain that situation to them and maybe someone will show compassion. But, if what is owed is far more than value, I’d just let them keep it.

 

Good Luck @NepaTaco. I know you’re dealing with quite a bit now but I’d definitely take the help of your friends to snag the truck at auction if it goes that route. I find it immensely satisfying to take on corporate bullshit and coming out on top at the end!!

 

You've actually confirmed this with an estate lawyer? And specifically with respect to the truck? If you haven't confirmed that specifically, then you should, just to make sure that your MOM won't end up responsible for your DAD's debts. And that doesn't necessarily mean against her credit, but I can imagine situations where it could hit against social security benefits, or against things that she thinks that she owns.

If the bank is calling for $10,000 to pay off a truck that is worth $3000, then that may suggest that they feel that they have some leverage to collect against the balance owing rather than just the residual value.

Be very careful with lawyers and banks. They don't care about pain or loss or suffering. They attack the weak and will kick you when you are down.

 

Thanks I will definitely recheck those points with my lawyer buddy but I'm fairly sure her income etc is safe. She doesn't own any property. Frankly if they tried to go after her social security I'd be more than happy to willing and able to offset that and make sure she can afford to live and be comfortable. I already do provide her some financial assistance and good luck to the fuckers trying to track that down.

My one brother lives with her and he works and helps take care of her so she's fine. He plans to be there for as long as we're lucky enough to have her which I believe will be for many more years. But she will definitely have an estate will etc to avoid this shit from coming up againif I have to force her to do it.

 

Mom didn’t know about the debt. So if her name is on it, its a fraudulent loan. They can’t come after her.

In order for the bank to get money from a deceased individual they have to file a claim in the estate within a certain period of time. If there is no estate... there is nothing to claim on.
Thats the joys of not having to open an estate (and if one has assets go with a trust so no probate).

A simple credit check will show all debts in his and her name. But in this specific case mom is safe because if Moms name is on the loan, its fraud and shes not responsible.

 

If youre dad took good care of the truck and maintenance on it then that is worth alot in itself right there. When you purchase a used on much of the time you have no idea how often the oil was changed, maintenance done, coolant flushed, etc..
I paid $17000 for a 2007 Quad with a 6" lift, oversized tires, aftermarket billet grill, and aftermarket fender flairs. Has repair history on it, never been in a wreck, always used synthetic oil in it, etc.. People see my truck and are shocked that it is an 11 year old truck. With all the extras it was well worth that amount to me. My last Toyo was a 1996 ext. cab. Sold it last year with 265,000 on it for $6000. It was a beauty, well maintained. Excellent condition.

 

That's actually a very good point.
And especially if you know (or are willing to gamble) that it will get a new frame. The frame all by itself would make the truck reasonably worth more than what the bank is asking, even if it doesn't do much or anything to the low book value.

 

Just wanna thank everyone for their input suggestions and generally being a bunch of decent folk. Gonna be on them like a fly on shit to get the notice of auction etc and I'll consider my options once it goes to auction.

For now I'll be on the look out for another

 

Best of luck with it. It really was a totally asinine move on their part to send out the repo truck without actually, you know, TALKING to you first to find out what the story is.

 

Truck goes up for auction on or after 11/14/18. They told me they don't have to give an exact date location or time. Pretty sure that's more lies and bullshit. Anyone know for sure?

 

I vote to watch the auctions like a hawk. Hunt that sucker down, repurchase it for the auction price and stick it to em! That's what I would do if it were my dad's old truck and I wanted it back. Hope it works out for you OP, best of luck sir

 

They are doing a "private auction" I have some friends in the "business" used car dealers etc I'll talk to them and see how they get a notice/invite.

 

Better yet, get them to buy it for you. Under the table, in house financing