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Until the car is paid for, the company that made the loan still has a financial interest in that car for the amount that is still owed. If that amount is not paid, the holder of the loan has the right to repossess and sell the car. If that does not generate sufficent funds to pay the loan balance, they may make a claim against the estate of the debtor.
What else can I help you with?
When do home foreclosures happen?
Home forclosures happen when a person who has taken out a loan for the purchase of a house has defaulted on this loan. The house has become the collateral for the business providing the loan.
What happens to a loan if the seller dies?
If a seller dies, a loan might still be owed by the family of the person that died. In some cases, the loan would be forgiven if the seller died or passed away.
If i cosigned on a loan then the person goes bankrupt then they default on a bankrupt what happen?
You signed to guarantee the loan. That means that you guaranteed to pay the loan if something went wrong. Something went wrong so you get to pay the loan.
Would you still have to pay back a loan if the other person died that signed the promissory note with you?
Sure...even the one that died has to pay back the loan! Thats what a persons estate does...it keeps him alve for business purposes while it settles his affairs. Death is no excuse to upholding an obligation to pay....and what should happen otherwise? The goods go to someone else?
Do you have to pay back a personal loan if the person you borrowed it from died?
You still owe the money. It is an asset of the estate.
What happen if a parent dies and they gave the house to there child and took a loan on there home for repairs what happen to the balance of the loan?
the child continue to pay the loan of her his parents
A loan extended to a person by a lender is called?
A loan extended to a person is called credit.
What benefit does the person taking a loan get from taking the loan?
A person who has taken out a loan gets the benefits of financial assistance while building credit. This person is called a borrower.
What happens if you were a cosigner on an auto loan but now your credit is terrible and you are in a credit consolidation program?
As far as the auto loan you cosigned for, nothing will happen as long as the person who actually borrowed the money makes the payments on time.
If I don't pay my student loan what will happen?
Nothing will happen, financial situation at the edge of collapse. When this happens nobody will remember regarding your loan.
Do you have to pay for loan if parent died with no insurance on loan?
The estate must resolve the loan.
When did Mike Loan die?
Mike Loan died in 1966.
