The loan must be paid off and refinanced in one name
The loan must be paid off and refinanced in one name
The loan must be paid off and refinanced in one name
The loan must be paid off and refinanced in one name
The loan must be paid off and refinanced in one name
You need written consent. Shouldn't be too hard to get, since you will be assuming the entire loan yourself. Getting the spouse off the title is a bit more complicated.
Yes a vehicle can be repossessed if the loan is not being paid on.
Your spouse needs to be present.
The estate is responsible for the loan. If the spouse wants to keep the car, they may have to assume the loan, if the bank allows them to. Otherwise the vehicle may have to be sold.
To get out of a used car loan, pay off the loan or find someone else who will do that.
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
I live in Illinois and when my spouse passed away 7/31/08 I was not responsible. I just called them showed them the death certificate and had them pick it up.
I'm not quite sure EXACTLY what you are asking, but I'll give it a shot. If BOTH names are on the loan and you want to get one off, the other person has to re-finance the car in just their name. If it's in just your name, then you have to get the other person to assume the loan by applying for a loan in their own name. Basically, you can't just remove a name for any loan you've signed for. Someone else has to refinance in their name, on their credit.
How can they sue for non-payment if they are not part of the agreement? Why wouldn't the spouse sue?
AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.
If you co-signed a car loan you can't take your name off the loan. If you co-sign for someone with no credit or poor credit you are promising to pay off the loan if they don't. The only way to get your name off the loan is to pay it off or have the borrower refinance the loan in their own name.
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.