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.
The person who's name is on the Title is the owner of the car.
bank takes back
That depends on what you're asking. Who filed bankruptcy? The owner of the car or the owner (holder) of the car loan? Did you co-sign on the loan? If you co-signed on the loan and the other signer files for bankruptcy, yes you are liable for the loan. If the owner (holder) of the car loan files for bankruptcy, you are still liable to the owner's creditors (and you need to find out who they are so you can get the lien released).
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
The estate has to settle the title. The secondary person can be held responsible for the loan until it is resolved.
my mother cosigned for a leased car for my sister. my mom has died. what do we do with the car? will my sister now be responsilbe?
The lending institution can place a claim for payment against the estate.
You are still respnsible for paying should the borrower die.
The only way you will get off the loan is to pay it off. If the other owner died, then you are now solely responsible for the loan.
No. In my experience and from what I've read, it is not wise to lease a car from someone with a loan. They can still be held responsible for the car if anything happens to it. If you cannot afford to make the payments and the bank comes to collect the car, and the owner does not have it, they can be arrested.
A primary owner cannot refinance a car loan without consent from the co-owner. Both parties must agree to the action.
The car is still subject to the loan, so the bank has control. Typically the bank will sell the car and pay off the loan, anything remaining would go to her estate.
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.
The loan must be paid out of the estate (sell of home, life insurance policy, etc...) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be forced to pay the loan.
There are a number of ways of resolving it. Any loan against the car has to be resolved. If it was a lease, it could be returned to the title holder.
you took a loan to finace the car from the dealer- the bank holds the title to your car- you are the owner and respondsilbe to pay the loan or the bank or fiance companmy can reposses your car
If you're an owner, it doesn't matter if you're not on the loan.
""co-owner of a vehicle"" means you are listed on the TITLE and just that. ""collateral for a loan by one of the parties and also had a co-signer"" IF you are not on the loan, then you are not responsible for paying it. The signor and co-signor will have to pay the loan. However, IF you want/need the car, you may wind up paying the loan just to get the car. Otherwise, you lost your car if it gets repoed.
It is paid to the estate of that person and is used to pay his unpaid debts or given to his heirs.
If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.
then they take your car and repo it.
it ends up in probate.
Every car obtained on loan definitely is an insured one.One gives loan on insurance basis only.
Typically you need a car with insurance to get a title loan. If your car is totaled, the loan company are entitled to that money since they hold the title for your car.