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If your parents owe money on an automobile loan at time of their death are their children responsible for the debt? |
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Answer
Not unless the children co-signed the note.
Well, the estate of the parents will owe the debt. First of all, the use of PARENT-S- plural assumes they both died at the same time? All the debts of the deceased will be paid first, and, assuming there is a will, the wishes of the parents, per their legal will, determines where the rest of the money goes.
No one except the person or persons who signed the legal loan papers, OR their estate, will be held responsible for any loans.
However, if the executor is alert and informed, he or she may try to get the lender to take the car back with monies paid to date coupled with the physical property considered legal elimination of the debt, dependent upon its condition of course.
First answer by ID0000000000. Last edit by Chochollyk. Contributor trust: 144 [recommend contributor]. Question popularity: 163 [recommend question]
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