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Not under the standard auto insurance policy.
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∙ 17y ago
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If someone dies and has a car on finance does it belong to the estate of the deceased if there was no insurance on the loan?
If the loan is not paid off at the time of the death, the vehicle belongs to the lienholder until the vehicle is paid off.
Who does insurance company write check to from stolen car?
Either to the owner or lienholder depending on if there is a loan on the vehicle and if there is a loan, how much is owned. The lienholder gets paid first.
What are the rights of a borrower on a car loan?
Very little actually. They have the right to use the vehicle as long as they are current in their loan payments to the lender (who is the ACTUAL owner of the car, until the loan is paid off).
Who is the legal owner of a vehicle?
The one with the name on the title, if it is free and clear. Otherwise, finance companies that finance vehicles are the official owners until the loan on the vehicle is paid off.
What are your rights if you paid a relative's auto loan off and have possession of the vehicle?
In all states the way the vehicle title is worded determines the ownership. Even when someone pays off a loan, unless their name is on the title they do not own the vehicle. The person who the vehicle is titled to has the legal right to recover it from whomever may have possession. The party who paid the loan would have to file a lawsuit to recover their expenditure if the vehicle owner would not voluntarily submit repayment.
What happens if a dealer does not send the title to the owner of a vehicle?
It normally take 30-45 days to get a title. I you financed the vehicle, you wont get the title, the lienholder will get it and send it to you once the loan is paid in full.
What is a proprietary reverse mortgage?
A reverse mortgage is a loan for senior homeowners that uses a potion of the home's equity as collateral.The loan generally does not have to be paid until the last surviving home owner permanently moves away or dies.
If your car is stolen can the loan still continue and a new car be bought with the insurance money?
The loan on the original car was secured by the title of the vehicle. When it was stolen, your insurance company should have paid the value of the vehicle first to the lender then any remaining money should go to the owner. If the owner is "upside-down" in the vehicle he/she will be required to pay off the remainder of the note at that time or make arrangements to pay it off. No, the loan cannot be applied to another vehicle. A new loan must be negotiated.
What is the statue of limitations on a car lien?
The lien is no longer applied to the vehicle when the loan is paid off. You can then get a lien release from the lender. As long as the loan has not been paid off the vehicle still has a lien on it.
What happens if a co signor dies before the loan is paid?
The other signatory on the loan is now fully responsible for the debt.
What happens to a car loan when the owner dies?
AnswerThe exact laws and procedures vary from state to state, but the lender's lien on the vehicle will remain in full force and effect. If the payments aren't made, the lender can repossess the vehicle. It also depends on what the will says about the vehicle. It might be given to a relative, who would have to make the payments to keep the car. It might be sold to pay off debts, but the lender would get paid first. These are just some, but not all of the possibilities. In most cases, when a person has a loan on a car and the person dies, the note is "accelerated", meaning that it automatically becomes payable in full immediately even if there are months and even years remaining before it has to be paid. The promissory note will state this in its terms. The note will have to be paid by whichever beneficiary or beneficiaries receive the car by will or by intestate succession, or, if they do not want the car, it can be sold to someone else to pay off the loan.
How long does a company have to collect on a reposed car?
As long as it takes to either get the car back or to be paid what is owed. The one who defaulted on the car loan is not the owner ... unless one has the clear title to any vehicle, they are not the legal owner ... registered owner, yes, but not the legal one.
