There is no mechanism that would allow you to take over a loan of someone else. You would have to be able to be approved for a car loan based on your income and credit history.
Since the car is in your late mother's name, it might be required to go through probate. Anything in your mother's name would be required to allow a judge to figure out according to the estate laws of Texas as to who would get certain items of your mother paid for or not.
It is assumed that you and your mother had no written agreement about the car, other than an acknowledgement that she would allow her credit to be used, and you pay the monthly car payment.
The car is registered in your mother's name as well as any insurance policy.
If there are siblings or other family members that would be willing to admit this was the way the transaction was, you might be in a position of legally relinquishing the car.
Of course if your mother had no real property and not enough assets to require a probate proceedings as some states do not require probate with an estate less than a certain amount in assets.
If you continue to pay the monthly payments, there should be no problems,as no signature or in person appearance is required to renew registration or insurance.
If you have an accident there might be legal problems and the insurance company would not pay for an accident and if they did the check would have to be issued in your mother's name.
For tax and legal matters you should contact your tax consultant and attorney.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
I am sure that more than one person in this situation has not continued to make the payments on the loan and eventually paid the car off
that would mean the lender would then give the title to the owner(your mom) at which time you would have to submit a quit claim to be able to change the title to your name
of course this is not the legal way to do it, it it is done all the time
and yes, you would need to get the loan in you name, list you as the owner etc. to do it correctly
In many cases the bank or loan company requires the car buyer to purchase insurance on the loan.It is
a small added expense to the monthly payments. If the buyer dies the insurance pays the loan off.
You need to inquire whether your mother's loan was insured.
You cannot take over (I.e. assume) a loan. You will need to get your own loan for the car.
The bank will not want the car. They will want the loan amount. This means that they will get any money your mother left before you get anything from her estate.
No. The car is in her name - which means it is now part of her estate. You have no legal claim to the title. Her will (or state probate law) now determines what happens to the car. Even if you are the named heir, the estate would have to pay off the loan prior to the title being transferred.
Doesn't work like that. The estate has to be probated and the loan satisfied.
You will have to qualify for a new loan so you can pay off the current one. Good Luck
why not just make payments....drive it till it drops
Yes you may ask her maybe.
My mother recently passed. She got a vehicle for me in her name that I make payments on due to my bad credit. I want to know if when I speak to the bank about the situation if I'll be able to put the vehicle in my name & continue making payments on the vehicle or if they will just take the vehicle when I go up there. I live in Texas if that changes anything.
