What happens to car finance when you die?
August 13, 2009 - Recently my cousin has died. He had his car on finance, he has paid over half of the finance back to the company. When he died he left no money etc. What will happen now?? Thanks
- If the car is not paid off, they'll repossess it. If his family pays off the car, they can have it. The loan company won't care who pays or who they get the money from.
- the car will be repossessed sorry
- If your cousins estate cannot pay off the residue of the loan the car will br repossessed
In the first instance the finance company would pursue his estate for the costs. The executor of his will may be asked to provide proof of his estate. If there is nothing of any value in his estate they may take the car back, However I'd imagine they would probably write it off as a bad debt. The executor needs to speak to the company as you cannot sell or do anything with the car without their permission.
Knowledge Base: Car Finance
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