What happens when a person dies and they have a car loan?
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My father recently passed away and my truck is in his name. Because I my father's past medical history, I know he didn't refuse the insurance that would pay for my truck in case of his death, the finance company simply didn't offer it and we didn't know that until now. From my understanding, I will just have to keep making the payments. Someone else was thinking that the finance company will come take my truck. What can be done in this case?
What happens when a person dies and they have a car loan?If your dad's name was the only name on the truck loan, the responsibility for paying the loan off passes through to your dad's estate. If he has other assets (bank account, stocks, etc) those will be sold, and the proceeds will be used to pay creditors off (lender on the truck for example). If there is any money left over it will go to the heirs (you would be one, I'm assuming). If the debts of the estate are more than the assets, then the lenders are out of luck.
You only have to keep making the payments if you want to keep the truck.
What happens when a person dies and they have a car loan?You need to keep making payments. Your father's estate will need to transfer title of the truck to you, although, that may be difficult without paying off the loan.
The financed company will not take the truck as long as the payments are made. They really do not care who makes the payments.
What happens when a person dies and they have a car loan?Call the lender and explain to them the situation. This will vary based on the lender. They will give you their solution.
What happens when a person dies and they have a car loan?when his estate goes thu probate it should be paid off at that time and then who ever he willed it to will get it free and clear, if he had a living trust then it is transfer to the trustee and they are responsible to continue payments or give the truck back to the creditor
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