HomeWhat happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?
Wiki User
2008-03-27 17:15:11
2008-03-27 17:15:11
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.
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the house is paid off and given to the beneficiary
If there are no assets in the estate the lender is out of luck as to having the loan paid off, however, it can repossess the automobile.
If the owner of an insurance policy is deceased then is should be listed as an asset when it comes to distribution. If the insured dies, then any value would be passed on to any listed beneficiaries.
your left with the full bill as there is nobody else to charge
if the owner of a life insurance policy dies and the policy is on her son. What happens to the ppolicy and is it part of the estate.
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