What can you tell me about after-death car payments?

Answer by  Lordschild (1398)

I know that the lenders for any car loan that I've had have required me to have life insurance that would pay the loan off if I died. The premiums were included in the car payments. Otherwise the debt would be taken out of the estate or the heirs would be held responsible to the best of my knowledge.

Answer by  johnresa (2455)

When someone passes away the family needs to send the death certificate to the loan company. The family can assume all the payments if they want to keep the car. If not the company will sell the car and apply the amount to what is owed.

Answer by  happytimes63 (865)

Most financing companies offer a loan repayment option if the borrower dies. If the borrowers have not purchased that option, then the co borrower will be responsible for the payments. if there is no co borrower then next of kin or exectutor of the estate would determine if the vehicle is kept or returned to the finance company.

Answer by  fitch (8)

If you die, your descendants are obligated to take over your debts. If you have a car payment, a family member is obligated to ablige to your debt.

Answer by  Mallika (449)

The car payments after death can be done with the insurance payment you recieve if someone died while driving. But the vehicle should be insured. Everything should be upto date. Anyway you won't be able to cover the whole payments.