Taking over car payments

**JIDinPhilly** · May 19th, 2009, 11:30 AM

My friends Dad recently passed away. The payments on his reasonably new car are pretty low. Is it possible for my company to just take over the payments on this car? Can anyone help? Thanks,

-Josh-

**knight0334** · May 19th, 2009, 11:44 AM

Very few companies will refuse payment from a 3rd party for a outstanding loan to someone else. However if its your company's intention to take over ownership as well, you'll need to deal with estate executor and heirs too.

If you take on ownership, the lean on the car will have to be settled, which the lean holder may allow you to continue on the same loan in payments or pay it off outright. Depending on your company's financial abilities, they may have to get another loan to pay off the original debt.

I continued paying on my "wife's"(commonlaw) car loan without claiming ownership. Title went to her son, but I continued on the loan for him and his new born. Kia Financial had no problem with it as long as payments were made.

**JIDinPhilly** · May 19th, 2009, 11:54 AM

Originally Posted by knight0334

Very few companies will refuse payment from a 3rd party for a outstanding loan to someone else. However if its your company's intention to take over ownership as well, you'll need to deal with estate executor and heirs too.

If you take on ownership, the lean on the car will have to be settled, which the lean holder may allow you to continue on the same loan in payments or pay it off outright. Depending on your company's financial abilities, they may have to get another loan to pay off the original debt.

I continued paying on my "wife's"(commonlaw) car loan without claiming ownership. Title went to her son, but I continued on the loan for him and his new born. Kia Financial had no problem with it as long as payments were made.

Thanks for the quick response.