The estate must resolve the loan.
It depends. if you have GAP insurance, the insurance company will pay the payoff amount. If you do not have GAP insurance, it is the holder of loan's responsibility to pay off the complete open loan regardless of the amount paid by the insurance company.
The insurance should pay the loan (if your lucky it'll pay all of it) If there was no insurance then you still have to pay for the loan. I had a car stolen and I had to keep paying for it until the insurance finally paid it off and I was left with $50 in the end to get a new car with.
no
Normal car insurance Liability, Collision, & Comprehensive will not pay off the loan. You would need to get the proper insurance for this purpose. Either life insurance or insurance for the purpose of loan payment.
Unless the person died while wrecking the car, no. I believe you are looking for a type of life insurance that pays the loan balance upon death of the owner of the loan and vehicle. This is mortgage life insurance.
Unless there is insurance to pay the loan the estate of the deceased will pay it. If there is no estate, the lender is out of luck.
There are loans available that are for the purpose of helping parents pay the cost of putting a child through collage. The loan is called a Parent Plus Loan and the Parent Plus Loan website offers the ability to secure this type of loan for those that apply and are accepted for it.
Yes. The insurance policy is a contract. All it requires the insurance company to do is to pay the fair market value of the vehicle. You would need to get what is called gap insurance to pay the difference between the market value and the loan value.
Of course not! It wasn't stolen or wrecked, it was taken from you for failure to pay on the loan!Be sure to cancel the insurance.
The estate will have two specific choices: Pay off the loan with the money in the estate. Sell the house and pay off the loan.
You are responsible for the difference in what the car is worth,(Insurance Payment) and the balance of the loan. Insist the insurance pay you the NADA retail value of the car, not the Blue Book value.
Yes, if your insurance company will not pay it all.