Discussion After-death financial concerns

[bpdbun]

Planning to CTB in 1 month if my SN arrives (it's been in customs for nearly 6 days now..) and the one thing that has me hesitating is the debt that may fall onto my mother. I have about $7500 left on my car payment and my mom co-signed so when I pass, I know that falls onto her. My mom struggles financially just like me and I know she won't be able to afford the payment.
Does anyone know if there's a way for her to get out of that? Is surrendering my car an option?

Also.. I want to be sure that my last 2 paychecks/my bank account balance goes to her.. does it automatically go to her if she's my only living family members and I'm single?

I'm also assuming that my student loans won't be placed on her since she didn't co-sign for those..

My biggest fear is placing a financial burden on my mother, who is already going to be obliterated emotionally. :/

Any insight/education is greatly appreciated. I am dissociating heavily after therapy so I hope this made sense.

 

[HNR17114168]

Sell the car? Or total it so insurance takes care of what's owed

 

[bpdbun]

Sell the car? Or total it so insurance takes care of what's owed

I can't sell it if I still have car payments

 

[SummerTrip]

I'm not sure which options are available to you but if I were you I'd make sure none of the financial burden would fall on someone you care about in case of your death…
That's just shitty imo…
I made sure none of whatever burden would fall to anybody. Yeah, they might want to cremate and bury me somewhere specific but it isn't something they haven't thought about or planned (I hope so at the very least)…
Please, make sure your departure from this world hurts as least people as possible!!!

 

[name2come]

Planning to CTB in 1 month if my SN arrives (it's been in customs for nearly 6 days now..) and the one thing that has me hesitating is the debt that may fall onto my mother. I have about $7500 left on my car payment and my mom co-signed so when I pass, I know that falls onto her. My mom struggles financially just like me and I know she won't be able to afford the payment.
Does anyone know if there's a way for her to get out of that? Is surrendering my car an option?

Also.. I want to be sure that my last 2 paychecks/my bank account balance goes to her.. does it automatically go to her if she's my only living family members and I'm single?

I'm also assuming that my student loans won't be placed on her since she didn't co-sign for those..

My biggest fear is placing a financial burden on my mother, who is already going to be obliterated emotionally. :/

Any insight/education is greatly appreciated. I am dissociating heavily after therapy so I hope this made sense.

Its kind of you to be thinking about this. I sometimes feel bad that I'm still spending money, but I always tell myself that its important to try to live your life normally so you don't end up having no other choice. Still, I feel like I wish I had the initiative to sell off my things so my partner doesn't have to deal with that and could just have the money.

A co-signed loan is tricky. Are you in the US? I'm given to understand it is possible to sell a car you owe money on, the person you're selling to just has to pay off the loan. Is $7,500 the remaining payments or the payoff amount? I gather this is all easier if selling to a dealer or someone like CarFax as they do this pretty routinely with trade-ins already. Might be worth seeing what the value of your car is and if its possible to do this. Then, I guess the question is whether you do it now or gather the details for your mother so its easier for her. If you know it won't be too much of a hardship, that might still be a relief. Good luck.

 

[bpdbun]

I'm not sure which options are available to you but if I were you I'd make sure none of the financial burden would fall on someone you care about in case of your death…
That's just shitty imo…
I made sure none of whatever burden would fall to anybody. Yeah, they might want to cremate and bury me somewhere specific but it isn't something they haven't thought about or planned (I hope so at the very least)…
Please, make sure your departure from this world hurts as least people as possible!!!

I literally made this post because I'm trying to take care of it… did you not read it?

Its kind of you to be thinking about this. I sometimes feel bad that I'm still spending money, but I always tell myself that its important to try to live your life normally so you don't end up having no other choice. Still, I feel like I wish I had the initiative to sell off my things so my partner doesn't have to deal with that and could just have the money.

A co-signed loan is tricky. Are you in the US? I'm given to understand it is possible to sell a car you owe money on, the person you're selling to just has to pay off the loan. Is $7,500 the remaining payments or the payoff amount? I gather this is all easier if selling to a dealer or someone like CarFax as they do this pretty routinely with trade-ins already. Might be worth seeing what the value of your car is and if it's possible to do this. Then, I guess the question is whether you do it now or gather the details for your mother so it's easier for her. If you know it won't be too much of a hardship, that might still be a relief. Good luck.

I am in the US and the $7500 is my remaining payment amount. Thank you so much for your insight!