Do most car purchase agreements come with a Death Clause?

Question

My grandfather passed away in February, leaving behind in my grandmother's car a Chevy Malibu that was purchased in 2005. He was under a 5 year purchasing agreement. My grandmother does not have a driver's license, so she has no need for the car. Unfortunately no one in the family can afford or is interested in taking over the payments on the car, or outright buying it from my grandmother. She doesn't have the money to keep up on the payments, nor can she use it! We are all under much confusion about a possible death clause on the car. Do most car agreements offer a death clause as an "out" on the car?

Answer 1

There is no death clause. Although, your grandmother may not be responsible for the car.

If your grandmother was a signer on the loan she will be responsible. Unless they purchased the additional life insurance which is usually available.

If she was not on the loan, just have her drop off the car where she bought it and notify the bank. The bank may go after his estate, but if there is none, your grandmother should be ok.

My best advise to you would be to call the bank which issue the loan, and ask what their policy is regarding death.

Sorry about your loss.

Answer 2

sure is can sell it to somebody else by way of fact with out writing or a witness you have no longer any info a deal has been struck. in case you like a deal to be concrete you ought to a minimum of deliver him an email detailing the contract. That way, if he stiffs you, you are able to teach that there replaced into an contract between you.

Answer 3

Sry about your grandfather :-(..... I have no idea on the Death Clause htingy though....

Answer 4

every loan comes with insurance..its paid off.get copy of death certificate to the loan holders.