What will happen to car loan if person dies without co-signer, will, or power of attorney? 8 Answers as of November 10, 2017

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Law Office of T. Phillip Boggess | T. Phillip Boggess
The lender wants to get paid. I?d arrange for them to get paid or at least let them know there will be a delay and why. Then you either have to use a small estate affidavit if the total value of assets is under $100,000 (not equity in the assets?value of the assets?.all of the values added together) or file in court to open a probate estate if over $100,000 in total asset value. Phil
Answer Applies to: Illinois
Replied: 11/10/2017
Sebby Law Office
Sebby Law Office | Jayne Sebby
1) Funds from the estate can pay off the load and the vehicle becomes part of the estate. 2) The estate can sell the vehicle and pay off the loan with the proceeds. 3) The estate stops paying the loan and the vehicle is repossessed by the holder of the loan. 4) An heir of the estate can inherit the vehicle and pay off the loan.
Answer Applies to: Nebraska
Replied: 11/10/2017
Law Offices of Richard M. Levy P.C.
Law Offices of Richard M. Levy P.C. | Richard M. Levy
The loan company can go after the estate of the person who passed away if there any assets.
Answer Applies to: New York
Replied: 11/10/2017
Wellerstein Law Group, P.C.
Wellerstein Law Group, P.C. | Elisha Wellerstein
Usually, the bank has a lien on the car so they can repossess the car to satisfy the loan.
Answer Applies to: New York
Replied: 11/10/2017
Gates' Law, PLLC | Thomas E. Gates
The estate is responsible for payment. The dealership will need to file a claim to the estate to get paid.
Answer Applies to: Washington
Replied: 11/10/2017
    Danville Law Group | Scott Jordan
    The decedent's estate is supposed to pay all creditors. Or, the car can be returned to the bank. Before doing anything, I would suggest you contact a local probate attorney for a consultation.
    Answer Applies to: California
    Replied: 11/10/2017
    Ashcraft & Ashcraft, Ltd.
    Ashcraft & Ashcraft, Ltd. | Randall C. Romei
    Car goes to descendant pursuant to statute on descent and distribution. Loan follows car. If descendant wants car they will have to pay loan or lender will take car.
    Answer Applies to: Illinois
    Replied: 11/10/2017
    Minor, Bandonis and Haggerty, P.C.
    Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
    The heirs at law will have to decide whether to continue to pay on the loan, or whether to transfer the vehicle back to the lender (or let the lender take it back).
    Answer Applies to: Oregon
    Replied: 11/10/2017
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