Who owns your car?

[George Selby]

At 08:26 PM 9/30/2005, you wrote:
>As I see it, that is all correct except for the fact that in this case the 
>car is worth less than the debt on it.


That only changes things in this way:  In order to sell the car, the 
executor will have to write a check to go along with the buyer's 
check.  Hand both to the bank, they will hand you a title.  Standard 
transaction where you owe more than the car is worth.  I think the poster 
was trying to accomplish this, so the bank wouldn't sell the car and have 
even more of a loss than with a private sale.

The only case where the lienholder would be stuck where the car is worth 
less than the loan value is if the owner died penniless (or owed more than 
he had in assets at the time of death,) or filed bankruptcy and turned in 
the car to the lienholder (which would absolve the remainder of the debt.)

George Selby