I'm trying to find out the best way to move forward in a weird situation.
My brother had past addiction issues and so when our parents passed away my sister and I set aside his 3rd of the estate (we have always been hopeful he would be able to get past his addictions) and we are joint executors of the estate.
Our brother is aware of this, and doing much better and is just happy we did not give up on him.
The issue: he had terrible credit. He needed a vehicle for work, he put $6000 down on a $19000 vehicle and financed $13k at a horrific 27% interest rate.
He just signed the paperwork on Wednesday and hasn't made his first payment yet.
My sister and I spoke and want to go ahead and pay this off for him. We know the financing department at the dealership is not going to be happy or make this easy.
What is the best way to go about paying off this loan directly (from an account that only has my and my sister's names, not my brothers) without actually giving him the money?
He's been clean for 2 years and we're super proud of him but also want to make sure this money goes directly to the truck payoff.
Appreciate any insight.
original posted by WeAreAllSoFucked23 to r/personalfinance on Mon, 15 Apr 2024 15:00:47 GMT.