I recently took a car loan for my son because his credit is bad. The loan is in my name, the title is in his name only. He is listed on the loan as the 'holder of colateral'.
The car can not be under another's name legally. Cars with a loan must be in that person's name. If you bought a car that was not paid off and the loan was not cleared you bought the car and the loan. Yes, they can get the car. That is why they put liens in the car. It prevents anyone from buying the car!
your daughter would have to sign the release documents for her car. As for the loan, whoever signed the loan would still have to pay the loan, regardless. The loan doesn't go away. If you do consider this, make sure there aren't any liens or any other claims to that car, through the bank or other institution.
If grandmother was the sole signatory on the car loan, and there are payments still remaining at the time of her death, then the Estate will be required to satisfy the loan amount. Regardless of who is awarded the car, the loan must still be paid off in order to gain total ownership of the vehicle. The loan company holds the "Title" in their vaults until the loan is paid off.To remove her name off the loan, you might have to refinance the loan, which may result in a higher interest rate. At any rate, the loan company needs to be apprised of the death immediately, and they may be able to help you through the processes required to re-align the loan into your name.Another perspective: You haven't disclosed the name on the certificate of title for the car. Generally, if the car is in your name (you said it was your car) and you keep making the loan payments, you shouldn't encounter any problems. The estate representative cannot make you take anyone's name off the loan because you don't have that power but they can notify the bank that the cosigner has died. If the car is titled in the other person's name then you have a problem.You have not included enough detail to get a definitive response. You should consult with an attorney.
You cannot get your name removed from a valid loan. If you signed the contract your name remains in place until the loan is paid off. The only time I have seen the name on a valid loan adjusted was when a signer passed away and another party legally assumed the loan from the finance company. And no, divorce decrees will not help you.
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