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Posted in Auto Loans
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Question By
fitmunky

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Is it possible to take out a loan to pay off a deceased individuals auto loan?
My Ex-father in law recently passed away with a balance left on his vehicle loan. The loan is financed through an employee credit union in which I am not able to join. My ex wife is the executor of the estate and we have a mutual interest in me purchasing the vehicle. I am having a very difficult time finding a lender who would finance a vehicle loan due to the circumstances. My credit is in the low 700's and I have the payoff amount in savings however I'd prefer to finance at least half of the pay off as not to deplete my savings. Can someone advise me on the best way of going about this?

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Why would it be difficult to find a lender, this is just an auto loan. Find out the amount due on the current loan and that is the selling price. You go to a bank, tell them the info on the vehicle, make, year, mileage, vin, etc. and the amount you want to borrow and tell them that the title is currently held by xx credit union. Your ex would need to sign off as the seller as she is in control of the estate. People buy and sell cars everyday all day long that still have loans on them. I guess you should try to find a bank with more knowledgable people to look for financing.

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