The Unfortunate Side of Things
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From: Charlotte, NC
'16 528i MSport
The Unfortunate Side of Things
Well one of my friends from school's father just got an 04 E55 AMG about 1-2 months ago for a fantastic deal. All figures aside, I was fortunate enough to whip it around downtown Manhattan when the father let his son drive it to school.
This weekend, I got an e-mail from my friend saying that his father had passed away from a heart attack of severe proportions. Now, the E55 AMG was on a 36 month lease. He asked what is going to happen now because he nor his mother can afford it unless they buy it from the will money they will be receiving but neither of them have an interest to blow a big wade of cash on a car that the son should not be driving (points, ins) and the mother who has no interest in the Benz to begin with. He really wants to get out of the lease and save the money for mortgage and Credit card matters and other financial stuff. Having an E55 is no priority as they have other cars at their disposal that are fully paid off.
What will happen or should I ask, what can he do to alleviate this situation?
This weekend, I got an e-mail from my friend saying that his father had passed away from a heart attack of severe proportions. Now, the E55 AMG was on a 36 month lease. He asked what is going to happen now because he nor his mother can afford it unless they buy it from the will money they will be receiving but neither of them have an interest to blow a big wade of cash on a car that the son should not be driving (points, ins) and the mother who has no interest in the Benz to begin with. He really wants to get out of the lease and save the money for mortgage and Credit card matters and other financial stuff. Having an E55 is no priority as they have other cars at their disposal that are fully paid off.
What will happen or should I ask, what can he do to alleviate this situation?
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I don't want to seem harsh, but this is not the place to get legal advice for your friend. A lot depends upon facts we don't have, such as the terms of the lease, where it was entered into (New Jersey? New York?) and whether your friend's mother was a party to the lease. A lawyer will probably be involved in the probate or administration of the estate, and the lawyer can deal with those factual and legal issues. You should be very cautious about passing on to your friend any advice you see here based upon other car leases.
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Originally Posted by DaCeptak0n
Well one of my friends from school's father just got an 04 E55 AMG about 1-2 months ago for a fantastic deal. This weekend, I got an e-mail from my friend saying that his father had passed away from a heart attack of severe proportions. Now, the E55 AMG was on a 36 month lease. He asked what is going to happen now because he nor his mother can afford it unless they buy it from the will money they will be receiving but neither of them have an interest to blow a big wade of cash on a car that the son should not be driving (points, ins) and the mother who has no interest in the Benz to begin with. He really wants to get out of the lease and save the money for mortgage and Credit card matters and other financial stuff. Having an E55 is no priority as they have other cars at their disposal that are fully paid off. What will happen or should I ask, what can he do to alleviate this situation?
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2004 E500
Excellent advice from DWP and saffrontiger but tell your friend that he should read the lease himself. The better informed he is when he or his mother sits down to discuss this with the lawyer, the more productive the session will be.
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From: Charlotte, NC
'16 528i MSport
Oh believe me, I am only getting this for my own knowledge and awareness. As far as the facts of the lease are concerned, I am oblivious to them. But thanks for shedding some light on this type of serious matter as far as the criteria one needs to consider.
The family already has a lawyer to settle things out but I haven't been able to get in touch with my friend for details as to what is going on and/or will happen. I ask this on this forum just for the sake that maybe someone on this large forum had gone through such a matter, where I am not saying this kind of things happen all the time. Thanks anyways though
The family already has a lawyer to settle things out but I haven't been able to get in touch with my friend for details as to what is going on and/or will happen. I ask this on this forum just for the sake that maybe someone on this large forum had gone through such a matter, where I am not saying this kind of things happen all the time. Thanks anyways though
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It will all be settled through the Probate. it most definitely isn't the first time something like this has happened. The executor of the estate will work with the Probate Court to determine if the lease should be broken or assumed.
The key to the whole matter lies in whether or not the wife was a party to the lease; or if the car was leased through a business and outside of the personal realm of the lessee and his family.
There should also be a clause in the lease for this type of situation. The lease should also determine which state laws will be applied should no clause exist in the lease...
Bottom line with a contract like this...all information must be contained in the contract or in a supporting document referenced in the contract.
The key to the whole matter lies in whether or not the wife was a party to the lease; or if the car was leased through a business and outside of the personal realm of the lessee and his family.
There should also be a clause in the lease for this type of situation. The lease should also determine which state laws will be applied should no clause exist in the lease...
Bottom line with a contract like this...all information must be contained in the contract or in a supporting document referenced in the contract.
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2004 E500
Death normally terminates a contract
Assuming the decedent was the sole lessor/buyer, death should terminate the agreement. Read the lease agreement IN FULL and see what provisions there are. Individual states have different laws.
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From: 2000 ft over the FL coast in a B-17
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Originally Posted by JWS3
Assuming the decedent was the sole lessor/buyer, death should terminate the agreement. Read the lease agreement IN FULL and see what provisions there are. Individual states have different laws.
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From: New Jersey USA
2014 E350 4Matic/2011 E350 4matic / 2003 E500 /2000 CLK 430
same thing happened to my freinds father who passed away two months into a BMW 740 lease (in CT) they BMW offered to take the car back...however the family kept it...just an FYI
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Generally speaking, death terminates an agreement. The estate is probably not obligated to make even the next lease payment. Whoever handles the estate will be able to provide exact advice for your jurisdiction. But if it were my client in Florida, I wouldn't advise continued payments since no one wants the car.
