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Company Loan Type APR Est. Pmt.

car loan co-signed

Posted on: 11th Mar, 2014 04:39 am
I have co-signed a car loan with my brother two year's ago..everything worked fine but suddenly my brother died last week.
Now who will own the car? and what are the other consequences I will have to worry about?
I am sorry to hear about your brothers sudden passing - as hard as it is you are wise to take care of matters like this quickly.
Because you cosigned you are responsible for the loan - now who owns the car or has claim to it is difficult - if your brother has a wife she may want to claim the vehicle because he was making payments etc... you need to know that your credit wont get slammed and the bank wants it's money -If no one else is interested in the car you should be able to work with the bank to get the car and make payments - if not you may have to take a hit on the car - the best thing to do is call the bank explain the situation and ask them if they would take it back and clear the debt -it is unlikely to go that smooth but you have to start somewhere. Because you cosigned you are the one who they will come after of payments stop.

Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
Posted on: 11th Mar, 2014 09:11 am
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