If my car is titled in my name but loan is in my deceased father’s name can the bank take my car?
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If my car is titled in my name but loan is in my deceased father’s name can the bank take my car?
Asked on March 30, 2015 under Estate Planning, Kentucky
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Yes, if the loan is not paid, then the lender can repossess the car. Car loans come with a security interest: that means that if they are not paid, the lender can take the car as payment. It doesn't matter in whose name the car is currently titled: all that matters is that the loan is not paid. You, however, should be able to work with the lender to take over the loan or possibly take out a new loan (in your name) to pay off this loan.
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