Yes, if those who control the dead borrower's estate do not continue to make the payments. The lender has a lien on the car, no matter who owns it.
If the co-signer of a car loan dies, the responsibility for the loan typically falls solely on the primary borrower. The lender may require the primary borrower to continue making payments or may demand full repayment of the loan. It is important for the primary borrower to communicate with the lender to understand their options and obligations.
In most cases they want the money. The car's value if resold and the borrower's ability to pay any deficit could play a part in their decision. If the borrower can convince the lender they can fulfill the agreement, the lender will more than likely withdraw the filing.
Yes, voluntarily relinquishing a vehicle does not relieve the borrower from the original contract obligations. The lender/leaser can sue the borrower for the amount still owed on the contract and any applicable fees.
A borrower should not have a title in their possession that they have borrowed money against. This belongs with the lender. Should the borrower sell the car, they would be libel.
Considering that the LENDER will be the one to report it as a "repo", wouldn't it be best the discuss it with the LENDER?
If a co-signer of a car loan dies, the responsibility for the loan typically falls to the primary borrower. The lender may require the primary borrower to assume full responsibility for the loan payments. It's important for the primary borrower to communicate with the lender about the situation, as they may need to provide documentation of the co-signer's death. In some cases, the estate of the deceased co-signer could also be liable for the debt, depending on the specific circumstances and local laws.
Financing a car means borrowing money from a lender to purchase a vehicle. The lender pays the full cost of the car, and the borrower repays the loan amount plus interest over a set period of time. The borrower typically makes monthly payments until the loan is fully paid off. If the borrower fails to make payments, the lender can repossess the car.
You pay the LENDER what you are behind and the repo fee and go get it.
No, the car has a lien on it. You cannot legally sell without a lien release from the lender. Be careful, you will get into serious trouble trying this. You can sell the car if the lender agrees but if they are trying to repo it i doubt they would agree to a sale at this point.
The DEALERSHIP won't repossess the car, but the lender might if you don't make the monthly payments as scheduled.
If they have a judgment against you, yes.
It isn't YOUR car until you have paid the lender.