question

[TheBoyNextDoor]

ive got a question for you guys, maybe you can shed some light on this, ive got a friend who has a car that is under his grandfathers name such as registration, finance and insurance but he is using it and making payments on it as well, his grandfather isnt doing to well and might pass away soon, if that does happen, what will happen to his vehicle ? can my friend just continue to make the payments ? should his grandfather make a letter stating that his grandson will take over the payments ? ive already asked him if he was interested in just purchasing the vehicle to get it under his name but his credit is real crappy so thats out of the question, any advice guys ?

[fourfourto]

Originally Posted by TheBoyNextDoor

ive got a question for you guys, maybe you can shed some light on this, ive got a friend who has a car that is under his grandfathers name such as registration, finance and insurance but he is using it and making payments on it as well, his grandfather isnt doing to well and might pass away soon, if that does happen, what will happen to his vehicle ? can my friend just continue to make the payments ? should his grandfather make a letter stating that his grandson will take over the payments ? ive already asked him if he was interested in just purchasing the vehicle to get it under his name but his credit is real crappy so thats out of the question, any advice guys ?

Have the grandfather leave it to him in his will,when its paid off tranfer ownership.

[RubHer Yellow Ducky]

This may be one of those few times in life when a lawyer could be useful...

[evldave]

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...

[TheBoyNextDoor]

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...

what kind of insurance would that be ?

do you know the exact name ?

[evldave]

Originally Posted by TheBoyNextDoor

what kind of insurance would that be ?

do you know the exact name ?

Not sure, my dad (who's getting on) got it on his new truck last year so if he keels over in the next 5 years, the truck is paid off in full. It was built into the loan, so I think your friend needs to have his grandpa contact whoever did the loan to buy that insurance. I think it's typically called Death & Dismemberment Insurance or something like that.

[TheBoyNextDoor]

Okay I found the policy called:


Auto Credit Insurance

[DRTYFN]

Claim you're an illegal alien(Mexican) and that you're being unfairly persecuted. The Democrats will take the money from us(U.S. citizens) and pay off the loan, give you another car, buy you a house and send all of your kids to private schools and then to college. You've got to learn how to work the system.

[Hucky]

From a Lawyers point of view you would need to do a Family Transfer to save any DMV Fees

[RubHer Yellow Ducky]

Originally Posted by Hucky

From a Lawyers point of view you would need to do a Family Transfer to save any DMV Fees

Your talking about transfer and future transfer of expensive personal property. Don't screw it up, talk to a professional...

[bparker]

ROFL

Originally Posted by DRTYFN

Claim you're an illegal alien(Mexican) and that you're being unfairly persecuted. The Democrats will take the money from us(U.S. citizens) and pay off the loan, give you another car, buy you a house and send all of your kids to private schools and then to college. You've got to learn how to work the system.

[evldave]

Originally Posted by DRTYFN

Claim you're an illegal alien(Mexican) and that you're being unfairly persecuted. The Democrats will take the money from us(U.S. citizens) and pay off the loan, give you another car, buy you a house and send all of your kids to private schools and then to college. You've got to learn how to work the system.

so true...