Whether you agree or disagree with Toyota`s insistence on payment, consider this a reminder that death is not always the end of debt as long as there is someone whose lender can receive the money. A year ago, her husband rented a brand new Prius in Manhattan Beach Toyota. He knew at the time that he was ill, but according to his wife, “the seller assured him that death would be eligible for the termination of the lease.” David Lazarus of the L.A. Times tells the story of an 81-year-old widow whose husband died in December and who was chased for more than $2,300 by Toyota`s lawyers, who say her late husband owes the rented Prius she has already returned to the company. Recently, CBC Montreal`s morning radio show daybreak spoke to a woman who said her 87-year-old father had his driver`s license revoked by the Quebec Automobile Insurance Corporation after being diagnosed with dementia. Honda took him on a car leasing contract and only terminated it after Daybreak asked for a comment. EDIT 1: Get and read the rental. The lease says nothing about death (which I consider to be an act of God). It defines the remaining payment liability if the lease is terminated prematurely by the signatory. The dealer explained that he appreciated his relationship with customers who are always free to make their own decisions about rental lengths. Perhaps in situations of death, the lender could skip the auction and the Toyota dealer, who rented the car, offers the vehicle directly from its own lot to the public.
Managing the death of a loved one is already a difficult time. It`s even more difficult when an auto finance company turns like a vulture and wants to pay off debt. When registering self-financing, make sure you understand the potential impact of your debt on your family or loved ones if you die. Check the rental documents carefully, there may be a special provision for the management of the tenant`s death. If you accept a lease for a Toyota vehicle, you agree to pay monthly payments for the duration of the lease. If you die during the lease, your estate or co-signer on the lease will have to continue to make monthly payments or pay an early termination. Early termination can be very expensive for your co-signer or discount, as it must be paid in lump sum, which includes the rest of the payments, plus any fees. As an alternative to early termination, you can transfer the lease to another party. Search the Internet for leasing or leasing companies.