Legal Question in Real Estate Law in New York
My husband was asked to co-sign for a vehicle for my father...My question is,if my father dies BEFORE the vehicle gets paid off,what happens to the vehicle?Would my husband still be responsible for the payments & would he get the vehicle?
2 Answers from Attorneys
Q. if my father dies BEFORE the vehicle gets paid off,what happens to the vehicle?
A. The estate would be responsible for the payment of the vehicle. Sometimes, the leasing company agrees to early termination of the leasing agreement.
Q. Would my husband still be responsible for the payments & would he get the vehicle?
A. Your husband would still be responsible for payments. Would he get the vehicle ... that would depend on the decision by the executor for the estate.
Mike.
If husband/co-payer pays off the loan, then he is "subrogated" to the creditor's rights. He should be able to get the vehicle unless the executor reimburses him for the payments he made as co-signer.
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