car is new 9 months old
2007-04-09 03:45:39 · 13 answers · asked by EDWARD A 1 in Cars & Transportation ➔ Insurance & Registration
You either pay off the rest of the loan from his estate or you hand the car and the keys back to the loan company.
2007-04-09 03:48:42 · answer #1 · answered by Anonymous · 3⤊ 0⤋
If the finance was on the car then the debt is still owed !
If on the other hand he had taken a personal loan out to pay the car then the debt dies with him as it was unsecured.
If its finance secured against the car then the car will either have to be paid off or given back to the finance company in which case all monies including the deposit already paid on the car will almost certainly be lost !
2007-04-09 03:49:08 · answer #2 · answered by any 4 · 2⤊ 0⤋
Your Brother-in-Law, thought deceased, still has the obligation of his debt thru his estate. The executor (person named as handling his affairs) will make the payments on the vehicle from your B-i-L's assets. If there are none, then he may elect to sell the vehicle (with the lender's ok) and apply that money toward settlling the bill. If the debts exceed the assests then, down the road, someone is going to lose.
The executor should contact lender on the car and explain what has happend. They will work with him/her to close up the debt.
BUT.. if the loan was signed by BOTH the B-i-L and your sister, then the bottom line is that she is still obligated to pay for the car... keep that in mind.
Estates are all about closure - not equity.
.
2007-04-09 04:32:57 · answer #3 · answered by ca_surveyor 7 · 0⤊ 0⤋
Many car loans are wrtten with credit life on them. The finance company will have to work out detail with the attorney or whom ever is taking care of the estate. Every state is different ever car loan is different. Some times credit cards have features on them like ito pay off bills or balances if deceaded. The best person to call to ask ould be your states attorney generals office. if they don't know the answer they can find out and call you back. All that will cost is a phone call.
2007-04-12 20:40:30 · answer #4 · answered by asccaracer 5 · 0⤊ 0⤋
The car can be refinanced into the surviving spouses name or the car can be returned to the lienholder. If the loan has the credit life/disability, the car loan may be paid in full that way. Regular car insurance doesn't cover this sort of thing.
2007-04-09 15:46:49 · answer #5 · answered by bundysmom 6 · 0⤊ 0⤋
the finance company may be able to reclaim the car now in settlement of the finance. in some cases (depending on the finance agreement) because he died the debt can be written off by the financers and his nearest and dearest would then then have ownership of the car. if your brother in law however had a guarantor on the finance agreement then they may be liable to pay for it. check the finance agreement and if you dont understand it get it checked by a legal expert
2007-04-09 03:53:46 · answer #6 · answered by wolfsjumping 2 · 2⤊ 0⤋
How can a vehicle be financed without having full insurance coverage on it? Anyways, the vehicle is still titled to the insurance company and until the loan is paid off, it is theirs. So the car has to be paid off or returned to them.
2007-04-09 03:58:08 · answer #7 · answered by Anonymous · 0⤊ 1⤋
the bank or lender will want the car back. check the financing papers and see if there was any life insurance included in the agreement. you'll have to show them a certified death certificate in either case.
2007-04-09 03:53:12 · answer #8 · answered by zocko 5 · 1⤊ 0⤋
His executors or holders of the grant of probate have a duty to settle all outstanding debts from his estate before distributing what is left (if anything). If no-one is sure what to do in these unhappy circumstances, I'd strongly suggest you consult a solicitor; They usually give the first interview free.
2007-04-09 03:52:08 · answer #9 · answered by champer 7 · 1⤊ 0⤋
in case you upload him as a named motive force on your coverage (the fee may be fairly low) then he would be totally lined. however, his insurer may be prepared to pass his conceal on your vehicle for some days whilst his vehicle is off the line. in case you do no longer do the two of those he will purely have 0.33 occasion conceal, or no conceal in any respect. It relies upon on the wording of his coverage, and his insurer's regulations - some purely grant conceal for utilising different autos in an emergency, including if the insured motive force grew to become ill. If uncertain, get him to call his insurer to substantiate.
2016-10-21 10:32:42 · answer #10 · answered by ? 4 · 0⤊ 0⤋