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Hire/Purchase Agreement in deceased Father's name

  • 06-01-2011 2:49pm
    #1
    Dr. Dodger
    Registered Users, Registered Users 2 Posts: 381 ✭✭


    Sorry if this is in the wrong forum.

    My Dad passed away a couple of years ago and we still have a car and paying for a car that he got under hire/purchase. The agreement isn't due to end until March of next year and my mother has been paying/trying to pay the amount due each month since he died.

    Now the car is still in my Dad's name because Bank of Scotland would not put the car in anyone else's name as none of us could afford it at the time. There was no will so the car wasn't left to anyone in particular.

    Couple of questions

    1) Do we have to pay the sum owed as the agreement was in my Dad's name?
    If not, do we have a legal right to the car?

    2) Do they have to put the car into someones name if they want to keep getting paid?

    3) If we just stop paying them now, what legal right have they? Is it just a simple case of them repossessing the car?


    Any ideas what we should do? Any help would be great. Thanks


Comments

  • #2
    laycolayco
    Closed Accounts Posts: 18 ✭laycolayco


    Hi,
    Sorry to hear of your loss.
    I assume that your Dad did not take out life cover with the car loan as this would cover the cost of the balance of the loan at the time of his death. If you decide to stop paying the loan the bank have an automatic right to recover the vehicle to try to cover their loss. In addition, if they do not cover all their costs/losses they can try to recover any further costs from your fathers estate.
    There is a clause in ALL hire purchase agreements which allows SURENDER of the asset as soon as the half way mark has been passed in relation to the term or value of the loan. You are entitled to give notice to surrender the asset to them and walk away with a clean slate. The bank CANNOT attach any negative credit rating to anyone if you decide to perform this.

    Hope this helps.
    Layco


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