Truck was repossessed...what to do?

First I hope no one judges or jumps to conclusions. He's a deadbeat etc etc. Long and short this morning woke up to the sound of a loud vehicle and what sounded like someone near where I park. I

Saw a tow truck hooking up. Went out asked the guy what was going on. Well as you can probably guess he was picking up the truck. Bank sent him out because a balance is owed. Had all the papers etc so I know I wasn't getting scammed.

When my dad passed my mother told me the truck was paid off and he/she wanted me to have it. Other brothers and sister didn't want or need it no will no estate and aside from sentimental stuff was all he really owned aside from some tools etc.

Come to find out dad wasn't 100 percent honest with mom and it was not paid off. He still owed a decent chunk about 5k on it and had stopped paying on it 3 months before he passed.

Anyways as soon as I got the truck I insured it etc didn't register or transfer it. Figured hey it was my dad's we have the same name all that why pay to do it. BIG MISTAKE. Never thought about the title figured heck I'll just drive it and use it and when it's ready to be retired then I'll deal with it.

So needless to say I'm a bit lost and upset. Not with the bank not with the repo guy, in fact he was great and very professional.

Can't even be mad I wasn't told the truth because well that's life and knowing dad like I do he probably didn't tell my mother much of anything.

So here's where I'm at. Do I contact bank and say hey let me buy it pay what's owed etc or do I just call it a loss and move on?

It's an 06 access cab he bought it used and apparently got screwed pretty good on the price etc. It's eligible for frame replacement and in fact was going to a dealership next week for inspection and in my opinion would have been approved for replacement.

Other than high mileage but in good shape motor wise etc. I haven't gotten a number yet but I'm suspecting I'd have to pay about 5-6k by the time fees and all that are done if I can't negotiate with them.

I know if they take it to auction theyll take a hell of a hit. He didn't have an estate no will very little assets when he passed. In fact my brothers and I had to pay for the funeral etc. He wasn't the kind to plan ahead or save no life insurance you see where I'm going.

From what I've read and learned here I think the this 06 since it has the v6 isn't as susceptible to head gasket failure and didn't seem to be showing the signs and isn't as likely to have the motor mount problem. Correct me if I'm wrong.

So my dilemma is it worth it to keep it or do I just buy my next/new to me taco somewhere and say goodbye to it?

 

If the balance owed is greater then the amount its worth then I would work with the bank ( good chance it's already slatted for auction). Sentimental value also plays a role as it was your dads.
Sorry for your lose, both with your Dad and the truck.

 

Thanks @TacomaMike37 most of the reason I'm even considering it like ya said is the sentimental part of me. Logical me would tell someone looking to buy it at those numbers nah maybe not here's why.

 

Tough situation man. How many miles on the truck?

 

185k or so but it's a Toyota and should be good for another 180, right? it's not a F**d or Sh**p

 

It's at least worth it to try to bargain with them. It's not just the hit on the final sale of the vehicle at auction. It's the transportation fees, listing fees, etc.

 

Yup! And like you said it being an 06 not an 05 helps.

FWIW I would happily pay $5k for an 06 w/185k. Look at your alternatives, if you don't buy the truck I'd assume you'd use that $5k to put down on something else and then have a new monthly payment...obviously there are a lot of other options but for $5k you'd still be getting a pretty reliable truck that should have lots of life left.

Also probably worth explaining your situation to the bank in full and seeing what they can do for you. Maybe they'll let you get away with just paying the fees/penalties.

 

I can't imagine it would impact your credit score since your Dad financed it but you might want to confirm. If it's worth more than you owe then I think it would be worthwhile to try to buy it from the bank. They might work with you on it.

 

KBB lists an 06 AC w/185k on it at $3800 trade in value in your area. That's trade in though... and of course I don't know what options it has -

 

Tough situation. However, it sounds like although eligible for frame replacement, it has not been inspected and approved by Toyota for that work. That could be a snafu. How was the frame from outward appearances? Do you have any pics? Since you live in PA, I assume that's where the truck has been the whole time, and I'd be considerably concerned about doing a deal with the bank only to possibly get hosed by Toyota.

If the bank has it impounded, I don't see how they will let you get it in for inspection and judgment before doing a deal.

 

Thanks. Yeah no chance of them allowing me to get it done and I'm not inclined to mention it to them. . I'd say for PA I've seen worse frames. Banged on it in the usual places and decent but near cat small hole like we've all seen on the approveds. Not scared of it myself but it's something to consider for sure.

No pics of the #frameporn I'll see if maybe I have em somewhere .

 

Jv74 not many options just 4 whl with a hard folding tonneau that doesn't lock and peeling 17 inch wheels. I'd say your number is right about on the money.

 

I don’t know what state you live in but I would contact an estate lawyer.

It is always concerning when an estate is not opened upon someones death when there is a spouse. It would be very rare for someone to pass, leave behind a spouse whos name is on none of their assets.

You could try to contact the bank, tell them exactly what happened and ask if you could pay the remaining balance on the lien and take the truck.
The bank doesn’t want the truck they want their money. So provided the lien/title has not been sold to a collection agency I bet they would work with you. You can also tell them there is no estate (nothing to collect on) and show them a death certificate.

The title of the truck would show a lien on it. So in the future check the actual title to verify pay off.

Still worried about the lack of an estate however. Might be worth a visit to an estate attys office if there is any concern over other assets. Major one would be if your mothers primary home has a mortgage that her name is not on.

You guys might want to pull your Dads credit report and verify he has not taken out equity loans or other debts that are unknown to the family that can harm your mom. You never want your moms personal assets to become threatened because your Dad had debts she didnt know about. Again her home as an example.

Hopefully the car was it... but don’t assume that. Cross your Ts and dot your Is.

I hope you get his truck back. I also am keeping my fingers crossed his interest rate was great so your payoff is fair.

 

Some years ago I had a friend who got a car repo'd and it wasn't 3 days before the vehicle was with it's new owner. She wanted to make good but the opportunity was not there. So I would talk to the finance company quick if you want the truck.

 

I’d contact the bank and attempt to explain the situation.
Get the present value through NADA and KBB and see if they’d work out a deal or if you can assume you’re dad’s loan now that you know it exists.


Consider getting the info on the loan and the prior attempts at collection. Where did they send the notices? Did any of them get sent certified or signature required, if so, who signed for them? Did the bank follow their own procedures when they repoed it?

My condolences on your loss and hope this doesn’t sound harsh

 

3 days!!! Man, that’s tough..

 

Just wanna say thanks to you all. No one has been harsh. These things are never easy to discuss. As far as assets he did not have any savings account they did not have any property and were renting a place. My mother is safe happy and secure where they are/were. I did talk to a friend who is a lawyer a bit before and after he passed. Of course as a lawyer he said estate etc but as a friend and someone who knew my father wouldn't go for that "crock of shit" as he'd call it said basically they have next to no assets savings etc no property etc and little or nothing in the bank we would probably be safe not doing anything besides getting the death certificate and I think it was a short certificate or something to that effect.

 

State Death Certificates should be full. Some counties do short form ones. But there is always a state death certificate.

I would still run a quick credit report. Just to verify no hidden debts or even assets.

When my Dad dies I fully expect to have to search for all his money. I doubt that guy would ever make my life easy even from the grave he’ll make things difficult. Its not that people necessarily want to hide stuff they just don’t have everything planned well for after their passing.

If hes got bank accounts in his name only your mom can go to the bank and get those funds. She just needs the death certificate. Even if its a small amount better she gets it than the state. That doesn’t require estate docs.

 

If you want it because you like it or for sentimental value said go for it .
Let us know the outcome.

 

Good luck. The paperwork is a pita. My Dad passed away earlier this year. I am the only son within 10 states, but Dad's will named my mother as executrix. She died 10 years before him. The secondary was the lawyer who wrote up the will, and he is in hospice in Philadelphia and unfit to handle any paperwork. Had to have him declared unable to perform, then had to have my siblings, and Dad's widow sign papers declaring they did not want to be executor so that I could. All this to manage a meager, but not quite as meager as your Dad's savings and a 2005 Chevy Trailblazer with broken odo, so no way to know how many miles. Took me nearly 6 months to complete all the paperwork, cost me more than the $2500 I finally sold the Trailblazer for. Still getting hospital and Dr. bills. Probably will end up with a third of around $10k when it's all said and done. Fortunately, didn't find anyone Dad owed money too. He and widow had pre-nup with no rights for each other's assets. I think I've completed all inheritance tax stuff, will be interesting to find out what end of year income taxes might rear ugly heads. PA is a messy state to die in.