QUESTION
If the payments are being made, would the bank let you continue do this or can they force to change the loan?
Asked on Aug 03rd, 2017 on Estate Planning - Illinois
More details to this question:
A person is recently deceased and has a car loan in his name only. You continue to make the car payment until to keep from refinancing the vehicle for a longer period and higher interest rate.
2 ANSWERS
Estate Planning Attorney serving La Grange, IL
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Law Office of T. Phillip Boggess
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You would have to ask the bank.
Answered on Oct 18th, 2017 at 10:13 AM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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Who owns the car now that the former owner is deceased? The loan company has the right to call the loan now that the original borrower is deceased, however, so long as the payments are made on a timely basis they are not likely to call the loan.
Answered on Oct 18th, 2017 at 9:28 AM