My father recently passed away. He had an auto loan. Do I have to get the loan refinanced under my name or can I continue to pay the loan under my father’s name and just add my own personal insurance?
Untitled
If you refinance the loan, it will be your debt. On one hand, death is a default under the terms of most loans and the loan would then be payable in full. The estate would be expected to handle this. On the other hand, it may depend on the lender and if they'll allow funds from the estate to continue the payments until the debt is paid. The title would then be released and the estate would have to have it transferred.
To keep this "clean", the estate would often sell the property at the fair market value, retire the debt and the excess funds then are available to the estate, or funds necessary to pay the loan would be drawn from the estate. Your refinance would constitute the sale. This would also provide you with the title and the estate would be that much closer to being settled.
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If you refinance the loan, it will be your debt. On one hand, death is a default under the terms of most loans and the loan would then be payable in full. The 