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If the primary borrower passes away is the co-borrower responsible for the loan?
Wiki User
∙ 8y ago
Yes, a co-borrower is liable and responsible for a joint debt.
Understanding the process may help. When you finance a vehicle, you are not "buying a car". You are borrowing money that is secured by a car. This is why the creditor insists that you have insurance during the term of the loan. They know that consumers don't understand this concept and that if the car gets wrecked or stolen they will not want to repay the loan.
Giving back the car would cause the account to be notated as a "voluntary repossession". The vehicle might be sold at auction and any remaining balance on the loan would be shown on your credit report as a charge off or collection account. This is a significant derogatory entry on a consumers credit report. You should avoid this, as it may hinder you from getting another vehicle loan or other credit in the future. See if you can sell the car yourself and pay off the balance of the loan. Contact the creditor and inform them of the situation, see if they will allow you to postpone payments, (with no derogatory information showing on your credit bureau file) while you attempt to sell the car.
Wiki User
∙ 8y ago
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