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09-20-2007, 12:54 PM
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Hummer Veteran
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Join Date: Aug 2007
Posts: 139
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question
ive got a question for you guys, maybe you can shed some light on this, ive got a friend who has a car that is under his grandfathers name such as registration, finance and insurance but he is using it and making payments on it as well, his grandfather isnt doing to well and might pass away soon, if that does happen, what will happen to his vehicle ? can my friend just continue to make the payments ? should his grandfather make a letter stating that his grandson will take over the payments ? ive already asked him if he was interested in just purchasing the vehicle to get it under his name but his credit is real crappy so thats out of the question, any advice guys ?
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09-20-2007, 01:18 PM
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Hummer Guru
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Join Date: Sep 2005
Location: fort salonga ny
Posts: 3,789
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Re: question
Quote:
Originally Posted by TheBoyNextDoor
ive got a question for you guys, maybe you can shed some light on this, ive got a friend who has a car that is under his grandfathers name such as registration, finance and insurance but he is using it and making payments on it as well, his grandfather isnt doing to well and might pass away soon, if that does happen, what will happen to his vehicle ? can my friend just continue to make the payments ? should his grandfather make a letter stating that his grandson will take over the payments ? ive already asked him if he was interested in just purchasing the vehicle to get it under his name but his credit is real crappy so thats out of the question, any advice guys ?
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Have the grandfather leave it to him in his will,when its paid off tranfer ownership.
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09-20-2007, 03:19 PM
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Hummer Guru
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Join Date: Dec 2005
Location: In a FREE U.S.A. where Marxism, Socialism & Communism is not allowed !
Posts: 5,485
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Re: question
This may be one of those few times in life when a lawyer could be useful...
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History, be it in 1 Year, 10 Years, a Hundred Years or One Thousand, will show that those people who voted for John McCain in the United States Presidental Election of 2008 were true patriots...
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09-20-2007, 04:21 PM
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Hummer Expert
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Join Date: Oct 2005
Location: somewhere west of north
Posts: 820
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Re: question
Quote:
Originally Posted by fourfourto
Have the grandfather leave it to him in his will,when its paid off tranfer ownership.
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Depends on the loan the grandfather has. Some have a 'death' clause that automatically pays off the loan, others must be paid in full upon death. Most can't just be transferred because the banks need to run a credit check.
The best thing to do is have grandpa get one of those cheap $10/month "We'll pay it off in the event of death" insurances - then the car is paid off and grandpa can leave it to him in his will, otherwise the bank might take back the car...
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09-20-2007, 10:14 PM
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Hummer Veteran
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Join Date: Aug 2007
Posts: 139
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Re: question
Quote:
Originally Posted by evldave
Depends on the loan the grandfather has. Some have a 'death' clause that automatically pays off the loan, others must be paid in full upon death. Most can't just be transferred because the banks need to run a credit check.
The best thing to do is have grandpa get one of those cheap $10/month "We'll pay it off in the event of death" insurances - then the car is paid off and grandpa can leave it to him in his will, otherwise the bank might take back the car...
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what kind of insurance would that be ?
do you know the exact name ?
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09-20-2007, 10:25 PM
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Hummer Expert
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Join Date: Oct 2005
Location: somewhere west of north
Posts: 820
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Re: question
Quote:
Originally Posted by TheBoyNextDoor
what kind of insurance would that be ?
do you know the exact name ?
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Not sure, my dad (who's getting on) got it on his new truck last year so if he keels over in the next 5 years, the truck is paid off in full. It was built into the loan, so I think your friend needs to have his grandpa contact whoever did the loan to buy that insurance. I think it's typically called Death & Dismemberment Insurance or something like that.
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09-21-2007, 06:31 AM
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Hummer Veteran
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Join Date: Aug 2007
Posts: 139
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Re: question
Okay I found the policy called:
Auto Credit Insurance
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09-21-2007, 07:06 AM
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Hummer Messiah
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Join Date: Nov 2002
Location: PDX
Posts: 2,367,817
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Re: question
Claim you're an illegal alien(Mexican) and that you're being unfairly persecuted. The Democrats will take the money from us(U.S. citizens) and pay off the loan, give you another car, buy you a house and send all of your kids to private schools and then to college. You've got to learn how to work the system.
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09-21-2007, 02:32 PM
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Hummer Professional
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Join Date: Aug 2007
Posts: 324
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Re: question
From a Lawyers point of view you would need to do a Family Transfer to save any DMV Fees
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09-21-2007, 03:18 PM
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Hummer Guru
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Join Date: Dec 2005
Location: In a FREE U.S.A. where Marxism, Socialism & Communism is not allowed !
Posts: 5,485
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Re: question
Quote:
Originally Posted by Hucky
From a Lawyers point of view you would need to do a Family Transfer to save any DMV Fees
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Your talking about transfer and future transfer of expensive personal property. Don't screw it up, talk to a professional...
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REMEMBER
History, be it in 1 Year, 10 Years, a Hundred Years or One Thousand, will show that those people who voted for John McCain in the United States Presidental Election of 2008 were true patriots...
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09-21-2007, 08:16 PM
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Hummer Guru
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Join Date: Jan 2005
Location: Dallas, TX USA
Posts: 2,314
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Re: question
ROFL
Quote:
Originally Posted by DRTYFN
Claim you're an illegal alien(Mexican) and that you're being unfairly persecuted. The Democrats will take the money from us(U.S. citizens) and pay off the loan, give you another car, buy you a house and send all of your kids to private schools and then to college. You've got to learn how to work the system.
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09-21-2007, 09:15 PM
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Hummer Expert
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Join Date: Oct 2005
Location: somewhere west of north
Posts: 820
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Re: question
Quote:
Originally Posted by DRTYFN
Claim you're an illegal alien(Mexican) and that you're being unfairly persecuted. The Democrats will take the money from us(U.S. citizens) and pay off the loan, give you another car, buy you a house and send all of your kids to private schools and then to college. You've got to learn how to work the system.
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so true...
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