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Old 09-20-2007, 04:21 PM
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Default Re: question

Quote:
Originally Posted by fourfourto
Have the grandfather leave it to him in his will,when its paid off tranfer ownership.

Depends on the loan the grandfather has. Some have a 'death' clause that automatically pays off the loan, others must be paid in full upon death. Most can't just be transferred because the banks need to run a credit check.

The best thing to do is have grandpa get one of those cheap $10/month "We'll pay it off in the event of death" insurances - then the car is paid off and grandpa can leave it to him in his will, otherwise the bank might take back the car...
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