The bank sends you the "pink slip" and the car is all yours
they take your car
You need to make arrangements to pay it off.
You pay the correct amount.
The former owner of the car, now still owner of the DEBT, gets to pay the debt. The leinholder will likely get a judgment for the balance due and proceed to collect. Uless your name is 'turnip", you will pay.
The estate needs to pay off the car. If the executor agrees, someone in the family could come up with the cash to pay it off, and their portion would include the value of the car minus the money they added to pay it off. I do not know if you could allow it to be repossessed to end the debt.
pay it off
You can pay off your car as fast as you can. That's great you can pay it off so quickly.
then i think you start paying off either his family or his estate.
The insurance should pay the loan (if your lucky it'll pay all of it) If there was no insurance then you still have to pay for the loan. I had a car stolen and I had to keep paying for it until the insurance finally paid it off and I was left with $50 in the end to get a new car with.
You should pay off your repossessed car if you want to fix your credit quickly. If you are not worried about your credit, you can wait to pay off the car or file for bankruptcy.
Pay it off, voluntary repossession, sell the car and pay it off.
When your car is 'stolen", you file a stolen car report with the cops. Then your INSURANCE will pay off the loan. The lender will deal with the insurance co. and alls well. You dont have a car, but no payments either. BTW, the insurance co. HAS to be sure its stolen or they wont pay the loan off.