What happens to your loans if you pass away?
in Banking, Insurance & Loans ·
Here’s the deal: about a year ago, my dad picked up a brand new Ford Fiesta on credit directly through the dealership—no co-signer or anything. Just three months after he got it, he was in a bad wreck. The car took a massive hit, and since we didn't have full coverage at the time, we couldn't afford the repairs. So, that car has just been sitting at the mechanic's shop ever since. Then, last week, tragedy actually struck and my father passed away. My family is in a really tough spot financially right now, and I’m trying to figure out what happens next. Who is responsible for those loan payments? Since there wasn't a guarantor involved, the dealership isn't an insurance company, so I'm lost. What can the bank actually do if we stop making the payments?