Car loans

by Herb
(San Antonio, TX, USA)

My father is on Home Hospice and we do not know how long we have with him. I heard there is a way to transfer his car loan into my name with out having to be approved by the bank. And that there is a law that covers this. Does anyone know what law that is?

Comments for Car loans

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Apr 14, 2015
 Negotiate lower payoff after death
by: Anonymous

You can try, but it will be up to the bank if it wants to strike a deal with you and the bank is not going to agree to anything it does not believe is in its best interest. In other words, it wants to minimize its losses. Therefore it may require that if you want to keep the car and get it transferred into your name that you take over the car loan, get a new loan and pay off the old one or give up the car if you cannot afford either option. When you are considering what to do be sure to take the value of the car into account.

I inherited my fathers car after death, he had it financed and actually owes more then it's worth, can I go to bank and negotiate a one time payment that will represent real time car value?
Thank you
Feb 25, 2014
 Transfer upon death
by: Kelly

transfer upon death or by survivorship with the DMV that is what i experienced.. my dad signed the title to his vehicle in october and was on home hospice.. well he died in january the following year. i had the title but had not transferred it yet. when he passed. i just went to the dmv,in february and did not say anything about his passing.. cause all i was doing is transferring a title, that was legally signed months before. he DID have a will and i am the only beneficiary. but in my state the value of all things did not max out the small claims amount of 50,000. so i do not have to probate the will unless i run into problems. there is overall a lot to consider... Please keep this in mind. i wish someone would have told me this ... bank accounts pass outside of the will., if there is a bank account get your dad to sign papers with the bank saying payable upon death or by survivorship. or what % he would like to split.
Jan 03, 2013
 Car loans
by: Debtcollectionanswers.com

Herb:

I assume your goal is to end up with your father's car. If I am correct, I recommend that you consult with an attorney in your area. Whether or not you can do what you want will depend on the law in your state. There are other considerations as well:

Does your father have an estate plan and if he does, to whom did he leave the car? That person is legally entitled to the car when your father dies. If he did not leave the car to you, given that your father is in hospice care, he may not be competent to revise his estate plan at this point.

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