The person had life insurance on the loan and a beneficiary in event of that persons death, the loan would be paid off. Any excess monies left after the loan has been paid should go to the beneficiary. Should the car be released to the beneficiary as well.
If a person took out a loan with a finance company in which a car was used as collateral dies,who get the car.
The car would pass to the estate of the deceased. The executive/administrator of the deceased estate would be responsible for distribution of assets after debts have been satisfied. If no court recorded executive/adminisrator is acknowledge, then you may petition the deceased county court for the property as the valid beneficiary. Any excess cash proceeds from the loan is yours, however typically credit life insurance policies generally cover the loan balance only and do not provide for excess cash.
If a person took out a loan with a finance company in which a car was used as collateral dies,who get the car.
If the loan has been paid off completely, the car should be released to the estate. If the beneficiary isn%26#039;t a spouse, the car doesn%26#039;t automatically go to them without some form of will.
If a person took out a loan with a finance company in which a car was used as collateral dies,who get the car.
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http://www.orbitbusinessloans.com/
http://www.orbitmerchantsolutions.com/
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