Mom's car has payments until 2017. The dealership that sold her the car knows she took great care of it. They will buy it back for the payoff amount. There will be no profit. Frankly this will be doing my husband and I a favor. I am her only primary caregiver. I am overly burned out, stressed & on the verge of having a Depressive episode. Have been doing this for 14 months. My Husband works in another area of the state.. he is only here on weekends (this is our small vacation home- Mom's hometown- she has lived her full time from the day my husband and I bought it in 2009). He does not have time to deal with selling the car. She has not driven since ~ Nov 1, 2014. The car is just sitting in the garage. My husband and I are not looking to make a profit off it but it can't keep just sitting in the garage. It needs to be driven. I like my car and he likes his truck. We don't need a third car. We want to make sure that the loan is paid back to the bank for her. I am her DPOA, she has late- moderate to early-late Dementia (can't do any ADL's- some days she doesn't say more than 5 words) and also Ovarian Cancer. She is going to need NH placement. Once she spends down the 10K she has in checking then she has no other assets or income (except $1330.00 a month Social security). She already has her final arrangements paid for with the funeral home. Anyone have thoughts on what Medicare might have to say about the sale of her car (to pay off her bank loan)? Will they expect we should have gotten blue book value for it? Have not started the process of filing for Medicaid yet but it is going to happen sooner rather than later.
You could also take the car to a few dealerships to get comparable prices as well.
Thanks for additional places to check out concerning Mom's car.