Question:
If a co-signer dies and the other party is still alive and paying the loan, does anything need to be done? What if that person defaults on the loan and stops paying?
Answers:
I am buying an Audi. What should I know? What should I look for. ?
Nothing needs to be done, lender wont even know as long as loan is being paid on time...Should the person default on the loan with co- signer having gone to pasture it becomes a little harder for lender having lost a back up ...and it becomes REPO time finding the vehicle
The lender should be notified. Check the fine print of the loan. It may be mandatory to notify in the event of either party.
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Needless to say the Co-signer is off the hook. If the buyer continues to pay the loan then nothing happens. If he doesn't continue to pay then the car gets repossessed and his credit score gets trashed. Pretty much like normal.What is the best used SUV to buy for a family?
You should tell the loan or bank. You see most of the time they have a death clause, where the loan is paid off. If they do, make sure you get your extra payments back. And I want a 10% cut for the advice. hahaha But then I guess you never read the fine print and have been paying for nothing. At least you get some money back.More Questions & Answers ...
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