My spouse passed away with an active auto loan. If I continue to make payments, will I be able to have the loan transferred to my name? If I elect to turn the vehicle back over will I be responsible for paying off the loan? Currently our bank accounts are listed under both of our names. My spouse did not leave a certified will.
Please accept my sympathies upon your recent loss.
I suggest you call the lender tomorrow and ask what options are available to you.
KY is not a community property state.
If the auto loan was in the name of your recently deceased spouse, you aren't legally responsible to pay off his debt.
You might wish to call the lender, report his recent death, and ask the lender to come get his car.
Maybe he had death insurance. If he did, the car will be paid off in full by the insurer. Again, see if you can find any papers he had about the loan. Your answers might be there before your eyes. Otherwise, you'll have to rely on the lender.
I'm sure the lender will be happy to put you on the note, if you agree to keep the payments coming. If the car is worth less than the debt, I'd let the lender come get it.
If your hubby had insurance, you might want to pay off the note and get the car titled in your name.
What you should do, is first gather all the facts.
Take a couple days to think what's best for you now.
Then make your decisions.
There's no need to rush with all you've recently been handed.
God bless.
