So a family member just passed away, that was 5-6 months into a Cadillac Lyriq lease. Obviously, we’ll need to get an attorney. However, what’s the easiest/most cost effective way to exit the situation? Any advice on dealing with the GM financial group?
Ironically, I’d almost accuse the dealer of predatory lending, because the family member was so sick/ill when he leased it. Couldn’t walk without a walker!
Sorry for your loss. I’m not an attorney, but I’ve had to step in as an estate administrator to navigate probate for family members that passed.
Yes, you’ll definitely need an estate/probate attorney to help no matter what. In a best-case outcome your family member set up their will, trusts, etc and has an attorney ready to go. Worst case is you’ll need to rely on the statutory requirements of your state when the estate goes to probate and you’ll need to find an attorney.
I’m not 100% sure about Wisconsin, but in most states, balances (both debts and investment vehicles) have their value frozen the day someone passes. Since personal debts, such as the remaining liability for this lease, do not pass to others; nobody else will be burdened with owing on the lease. Once the proper paperwork is filed with Cadillac Financial, the vehicle should be returned to them.
What I’m not terribly clear about is the amount the estate may owe for this. I feel like it’s possible Cadillac will ask for the difference between the current market value of the vehicle and the lease termination value… which could be a substantial negative equity situation. The attorney specific to Wisconsin (or wherever the family member had residence) will need to explain in detail to you.
Transferring the lease liability to another family member could be possible, but it’ll depend on how this vehicle was stated in the will… and the new family member’s willingness to execute that transfer. If everything goes through probate, I don’t think a transfer would make sense in any scenario. In my experience probate takes at least a year to resolve.
It is like any other early termination. Car will go to auction and the estate will owe any shortage.
Just call them. Many lessors just take the car back after the lessee’s death with no penalty. Find out their policy before you start overthinking it
I think it’s best to get that attorney first. Assuming or Doing anything outside of guidance from an attorney is a waste of time.
If @King_Fisher isn’t administrator of the estate Cadillac financial can’t even speak with him/her on this matter.
Firstly, sorry for your loss.
You need to call GM financial and notify them of the owners passing away. That way they can note on the account about owners passing and pause statements etc or whatever their due process in these cases is. Also, they have a proper protocol and will let you know if the vehicle can just be surrendered to them AS IS or if there will any financial liability going to the Estate.
If you have a copy of the actual lease contract, it may have some information about this as well.
Yes, but only do this if you’re authorized to act on behalf of the estate.
Otherwise King_Fisher is just meddling and going to annoy whoever is the administrator.
You are absolutely correct on that.
This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.