0
a deceased persons property becomes part of their estate, if the person had a will and left the car to someone, it most likely states something to the effect of any taxes, fees etc arising out of anything be paid by the estate- which means if the estate has enough to pay the loan off it will and ownership will be transferred to that person, if not it still needs to be paid off, if you cant afford to pay it off, you can call the loan holder and try to qualify for financing, if you don't the car can be voluntary surrendered
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What happens if you have a car that was hidden for 8 years out of state and the loan is in a deceased parent's name?
The estate of the deceased parent is responsible for the debt. The leinholder gets the car.
If a married couple buys a car using the wifes SSN for credit purposes and the husbands income to get a loan what happens if the car is repossessed and whose credit will it affect?
The person or persons names that appear on the loan contract.
What type of car loan is the best?
Every car loan is different, which one is best depends on a persons situation. There are car loans that have a very low finance rate for people with good credit. People with less than great credit can still get a car loan but usually at a higher interest rate. A persons driving record, credit score, and criminal record can all be used to determine a persons car loan details.
Can you trade in a deceased persons car if they still owe money on it?
If they have the letter of authority, yes.
What happens if your car loan is illegal?
then they take your car and repo it.
Can you keep a car that your name is not on loan but was given to you by the deceased?
You need to have the title transferred to your own name and notify the loan company of the change in ownership. Then you will need to pay the balance of the loan or renegotiate the loan with the bank. If you don't pay the loan the car will be repossessed.
Can an heir pay off a deceased persons car loan How do you prove you are the beneficiary?
The estate pays off the car loan. Hopefully, the person who died made you the executor. If so, a death certificate taken to DMV may help you change the title. You would also bring along the paid receipt to remove the lien.
What happens if don't pay the car loan?
If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.
When the loan company sells a deceased person's car but doesn't cover the amount of the loan is the estate responsible for the balance?
Yes, but it does depend on what Country you are in!
What happens to your car loan if you die?
The estate has to resolve the loan, either through selling the car or returning it to the lender.
What happens to balance on car title loan when car is stolen?
Every car obtained on loan definitely is an insured one.One gives loan on insurance basis only.
What happens if you Car title loan in default and car is totaled?
Typically you need a car with insurance to get a title loan. If your car is totaled, the loan company are entitled to that money since they hold the title for your car.
