Inherited Car Loan

by Melanie
(Richmond, Va)

My mother left me her 2013 F-150 in her will. However, she still has a loan due for 21000. I have been making the monthly payments in her name. I have also been continuing with paying her car insurance. Do I continue in this fashion or do I report her death to Ford and to Allstate. My credit is not good and I don't think I will be able to get a new loan from Ford. But what happens to my Moms 33% that she has already paid? I would think I could inherit the loan attached to the truck, as is stated in the will. Please advise.

Comments for Inherited Car Loan

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Oct 31, 2015
Truck loan after death

Our condolences for your loss.

Yes, you are going to need to get the truck title transferred to your name. (I assume the will has been through probate and the truck is clearly your inheritance.) And since there is a loan you will need to either assume it or refinance it in your name.

The lender may be willing to let you assume the loan since you have been making the payments and there is a decent amount of equity. If not, it would be wise to check with a local credit union or bank to see if you can qualify for a loan. If by some chance you can't get a loan then you should be able to sell it and use the money you get from the sale toward the purchase of another vehicle.

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