2/19/08

Is there a way to trade in your car if you are upside-down on the car loan?

Answer 1:
you can but i would not. stick it out or sell it to someone but it looks like you are stuck because you r upsisde down
The business is in crisis right now, so you will be attacked and treated like the enemy more than ever before. You have to know the real WHOLESALE value of your vehicle with all the features, mileage and damage. Don't be unrealistic but don't be bullied either.
Then get on the Internet and find out what the car you wish to buy actually cost the dealer after they get manufacturers incentives etc. A good resource for this number is a local credit union or your insurance agent (if they have car loan resources). There are also many independant resources.
If your credit bears it, you can go to the dealership and lay out the deal. Don't allow the sales person to bully you with the "Four-square" plan. That is a lie. Every dime you put as a down payment is pure profit to them regardless of the deal. Regardless of the car or what you owe on your vehicle, there are two things to keep in mind. 1. You should pay no more than a total of $500.00 profit to the dealership. That is a fair ammount. 2. At the end of the deal, now you must decline ANY form of extended warranty. And you must also negotiate interest on the loan. The best way to do this is to get a letter of committment from your bank in your pocket with a good interest rate. then when you go to the dealership you can negotiate honestly and in confidence. They will make every effort to better the deal. Don't buy extra anything from them or they will bury you in extra charges.
I hope this helps.

Answer 2:
Try looking for dealers that offer cash-back incentives and rebates. You can ask them to apply all those amounts combined to what they will allow you for your car. If they want to make a sell, they'll work the numbers for you!

Answer 3:
I recently had to deal with this situation and YES, it is possible. You have to really work the dealers though...it is a long stressful process of negotiations but the fact remains, they want to make a sale!! There are ways around it by shopping at several dealers and let the dealers know that you are looking at other dealers. This will get them in the competition mode of wanting to beat their competetors. Look for rebates and special deals. A strong way to accompish what you want is to look for a new model that is a year old. You will get a new car with the new smell but with a larger rebate and lower price. Do your research and have an idea of what is a reasonable monthly payment that you can handle and then research the vehicle you want to get an idea of what extras you can afford and want included. One tip is to make a spreadsheet showing the price of any entertainment packages, equipment packages, DVD players, radio's, etc... that are available as options and determine how much each option will increase the price. This will help you know what you want and how much it should cost you.

Who is responsible for your credit card debt after your death?

Spouse or estate
If the spouse is still alive, he or she is still on the hook; otherwise, the estate must pay off the creditors.
Estate
The credit card company will first try to collect from the estate (assets will be sold to pay the bills). Then, if the account was a joint account, any survivors will be left holding the bag. If the debt belonged solely to the deceased, then the credit card company will end up eating the debt if there aren't enough assets to cover it.
Credit counselor agrees
I can confirm that the answer above is correct. I am a certified credit counselor and it is true that the credit card companies will try to collect from the estate first and if there is a co-signer, they will be responsible for the debt. However, if there is no estate to collect from the credit cards can not pursue collections from the family. They may try to get the family to pay the debt, but can not legally force them to. Simply mail a copy of the death certificate to the credit card company (certified mail) and they should take care of the rest.
Inheritance laws vary
Inheritance laws vary by state. If the state you live in (or the deceased lived in invokes "community family property" laws or "joint and several" provisions, heirs to an estate may be deemed responsible for the debts of a deceased person.
In most cases this has nothing to do with being a relative and everything to do with being an heir. The rationale is that anyone staking claim to the assets of an estate, should also be willing to accept its liabilities.
It depends
That would depend on if the person is the only account holder or if the person is married and lives in a community property state. When a person dies and is the only account holder, the person's debts and assets are generally handled by the state probate court. State laws govern what property is exempted from probate procedure and what is exempt. If the deceased was married and lived in a community property state, the surviving spouse is usually responsible for most debts regardless of who held the account.
Several possibilities
Your estate, your spouse, a cosigner.
** Well Actually, after a family member passes away **
Great Aunt died last January. A family member whom she had been staying with when she passed. Knowing that the past two mailings from them were returned, as well as knowing she had had a 0 balance before her death. Decided to place a call to the Creditor to stop the mailings. Upon opening the mailing to locate their phone number, discovered the Credit Card Company had billed her for February and March for their annual service charges of her credit card. And then also added late fees and interest on the monthly charge. The balance had been $0.00, At that time, was then somewhere around $90.00
Family Member: "I am calling to tell you that she died in January."
Bank: "The account was never closed and the late fees and charges still apply."
Family Member: Oh Ok, (thinking it should have been closed already)
Bank: "Since no payment has been made, it WILL be turned over to collections"
Family Member: "Maybe, you should turn it over to collections then."
Bank: "Sir, since it is two months past due, it already has been."
Family Member: So, what will they do when they find out she is dead?"
Bank: "Either report her account to the frauds division or report her to the credit bureau, maybe both!"
Family Member: "Do you think God will be mad at her?"
Bank: "Excuse me?"
Family Member: "Did you just get what I was telling you - the part about her being dead?"
Bank: "Sir, you'll have to speak to my supervisor."
Supervisor gets on the phone:
Family Member: "I'm calling to tell you, she died in January."
Bank: "Well Sir, the account was never closed and the late fees and charges still apply."
Family Member: "You mean you want to collect from her estate?"
Bank: (Stammer) "Are you her lawyer?"
Family Member: "No, I'm her great, great nephew."
Bank: "Could you fax us a certificate of death?"
Family Member: "Sure." Ask for the fax number to be given and sent it directly.
Placed on HOLD for 25 minutes. Even though our machine receipted them with having received the fax before even being put on hold already...
After they get the fax:
Bank: "Thank you for holding, Sir, our system just isn't set up for death. I don't know what more I can do to help you."
Family Member: "Well, if you figure it out, great! If not, you could just keep billing her. I don't think she will care."
Bank: "Well, the late fees and charges do still apply, So were going to need her new billing address."
Family Member: " "Name Witheld" Memorial Cemetery, Highway 129, Plot Number 001."
Bank: "Sir, that's a cemetery!"
Family Member: "What do you do with dead people on your planet
Bank: "click" (Hung Up The Phone)
That's What Really Happens

How do you find out if someone had a life insurance policy before they died?

Answer 1:
Check among all their important documents, the safety deposit box, call any and all agents or companies they may have done business with for auto and home insurance, investments, etirement planning, etc. Call the lawyer, the accountant etc. 4 lifeguild
See the Related Link for "Steve Shorr" to the bottom for the answer.
Here's are some tips:
First, check out WWW.POLICYLOCATOR.COM. They have a large database of insurance applicants available to the public and the cost is relatively cheap considering the value of what they might uncover. You will need to provide a death certificate and a notarized application - probably a good thing from a privacy perspective.
If that doesn't work try:
If the house and car were insured, start with the local agents who sold those policies. Insurance companies usually keep track of customer names and Social Security numbers.
If the policy was active, a premium notice eventually will come in the mail. Look for cancelled insurance checks.
Private firms specialize in finding lost life insurance for a fee. Search the Internet for "Life Benefits Search" or "Lost Life Insurance Finder."
Try this POLICY LOCATOR service from e-Services.
Introducing Policy Locator Service from e-Services Corporation
The quick, easy, cost effective way to help locate lost life insurance policies that may have been owned by a deceased spouse or family member. If you are an executor, a legally defined personal representative or next-of-kin, Policy Locator can maximize your opportunity to discover life insurance benefits you may not have realized existed.
The decedent's name is searched against our Policy Locator database.
It contains over 110 million records representing inquiries submitted on individually underwritten life insurance applications processed during the last nine years.
The data is collected by MIB, an insurance trade association who operates the industry's largest fraud detection service used by virtually every North American carrier in the underwriting of life insurance applications.
Application activity often leads to policies - matches against this database are immediately identified and returned to you. Policy Locator provides an efficient and effective alternative to labor intensive manual searches. Our extensive historical archives can trace paths from merged and acquired companies, revealing the identity of the newly named parent. And our industry-leading search technology produces the best possible results.
For $75 per search, you can put the industry's most powerful policy locating resource to work for you.
As an added value, we'll send along our "Policy Locator Research Primer" which provides you with an extensive list of additional due diligence hints and tips.
It Happens Every Day
Life insurance is often purchased to protect against loss of income, but policyholders commonly fail to inform the beneficiary(s) of the policy's existence. As a result, many policies go unclaimed based on long dormancy periods or lack of awareness. Insurance companies would like to distribute what is rightfully due, but the responsibility to claim benefits lies with the survivors. It is estimated that over $1 billion of insurance proceeds currently could be claimed by beneficiaries from North American insurance companies..
Check the bank account statements for egular withdrawls... it may be a few years back for 20 year pay policies. Do follow up from there. Check with family friends, sometime the owner might have discussed it with them.
Call the suspect companies and ask.
if you have the persons info and know what company he may have been insured with, you can call the insurance company claims department and ask. They will only tell you if he was insured and nothing more without evidence that you are privvy to that info. Also, call his insurance agent and ask.
Try the suggestions at these links
http://moneycentral.msn.com/content/Insurance/Insureyourlife/P35421.asp
http://www.mib.com/html/lost-life-insurance.html
http://www.iii.org/individuals/life/help/locatelost/

Answer 2:
You are gonna have to find the papers bc the company will want the policy number. You will also have to send a death certificate somewhere to collect.

Answer 3:
You will need to contact the insurance commissioner's office in the state she resided when she took the policy.