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Originally Posted by evldave
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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what kind of insurance would that be ?
do you know the exact name ?