Car finance

russ_lfc

My father has recently passed away after signing a car finance agreement on my behalf,i pay the repayments to the finance company. Do i need to inform them of my fathers death or just keep paying them as usual?

~Brock~

russ_lfc wrote: »

My father has recently passed away after signing a car finance agreement on my behalf,i pay the repayments to the finance company. Do i need to inform them of my fathers death or just keep paying them as usual?

Yes you should inform them. If they ever write to your father (they are required, for example, to send an annual statement), the post may be upsetting for a next of kin to receive.

I would discuss with them the possibility of assigning the debt to you if it is your intention to keep the car.

Xbigman

What exactly has your father signed?

1. He took out a car loan to buy a car and gave you the money.
2. He took out a car loan, bought a car and gave you the car.
3. He went guarantor on a car loan for you (often meaning in reality a joint loan)
4. Some other variation.

Exactly what was signed can make a difference.
Regards



X

Anihilator

Sounds like one of two things

Father is guarantor. Tell them but not a lot they can do
Father is actual finance agreement name in which case then they will be likely to expect immediate full payment or the car back.