QUESTION
Is it possible to take out a loan to pay off a deceased individuals vehicle loan?
Asked on Mar 27th, 2017 on Estate Planning - California
More details to this question:
My ex-father in law recently passed away with a balance left on his vehicle loan. The loan is financed through an employee credit union in which I am not able to join. My ex-wife is the executor of the estate and we have a mutual interest in me purchasing the vehicle. I am having a very difficult time finding a lender who would finance a vehicle loan due to the circumstances. My credit is in the low 700's and I have the payoff amount in savings however I'd prefer to finance at least half of the pay off as not to deplete my savings. Can someone advise me on the best way of going about this?
1 ANSWER
Lenders can agree to what ever they want to, but if you were one would you lend money to an estate that lacked enough assets to pay off a pre-existing loan and which in a relatively short period of time will cease to exist as all of its assets will be distributed.
Answered on Jun 21st, 2017 at 11:07 PM