if the co-signer for someone's auto loan passes away before the term is up...what happens then? Who is ultimately responsible and do you still get to keep the car?
2007-02-03 09:41:23 · 9 answers · asked by Megabeth 3 in Business & Finance ➔ Credit
okay ill be more specific. i am not the cosigner , my grandfather is...but he is starting to be in really bad shape and im kind of scared for him...but besides that, IF i cant make the payments...im asking who they will "come after".
2007-02-03 10:20:19 · update #1
If the other co-signer defaults the finance company could go after the deceased's estate. Once that is out of probate though I think they are out of luck. If you don't default you would still get to keep the car even if the co-signer dies. If you default and they can't collect from the co-signer they will repossess your car once they find it. So the best thing is to keep paying and you can keep your car.
2007-02-03 09:51:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It depends on the bank policies. A cosigner is responsible for paying in case you can't do it. If he is dead, he can't pay. You are ultimately responsible (for being alive and being the original signer), you only keep the car if you pay, or hide it (wich is like a crime, so expect some jail time or heavy fines if you refuse to produce the car); plus your credit will be ruined.
2007-02-03 10:11:38 · answer #2 · answered by ? 7 · 0⤊ 0⤋
My guess would be that the cosigner would (and probably should) make the payments if it would be advantageous to him or her to do so.
If not the car loan company would be within its rights to come and get the car.
I dont think under those circumstances that they would expect you to pay for it (if you didnt want to) but NO WAY would they allow you to keep a car that has not been completely paid off.
2007-02-03 09:48:20 · answer #3 · answered by kissmymiddlefinger 5 · 0⤊ 0⤋
co signer means you keep paying if there is no credit life insurance and you get the title when paid out
2007-02-03 09:44:50 · answer #4 · answered by wizjp 7 · 0⤊ 0⤋
If you do not miss payments, no-one will probably know the co-signer is dead. If you miss payments, the car will be repossed.
2007-02-03 09:51:44 · answer #5 · answered by badbill1941 6 · 0⤊ 0⤋
You as the co-signer are responsible.
2007-02-03 09:49:43 · answer #6 · answered by ne11 5 · 0⤊ 0⤋
Well sure, as long as you pay the payments, you get to keep the car. If you don't, they'd try to get it from the cosigner's estate, and if they don't get their money there either, they'd repossess the car.
2007-02-03 09:44:32 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
You still signed for it, right? So you keep paying and you can keep driving....
2007-02-03 09:44:37 · answer #8 · answered by Munya Says: DUH! 7 · 0⤊ 0⤋
He us not able to pay your loan so don't worry about it.
2007-02-03 09:45:16 · answer #9 · answered by nsprdwmn 3 · 0⤊ 1⤋