A vehicle title loan is a sensible choice if you need quick cash for emergencies and unexpected expenses. The collateral you’ll put up will give you and the lending company security. But what happens if tragedy strikes and the borrower passes away suddenly? The lender won’t simply forget the use of auto finance New Westminster British Columbia.
What Can Lenders Do if the Borrower Passes Away?
- They can recover their investments through the borrower’s estate. When someone dies with an active secured loan, like a car pawn loan, the next of kin or executor of the estate must contact the lender. The lender can hold the estate or the next of kin accountable. If no one is willing or can take ownership of the asset, the lending company will seize the collateral due to non-payment. But the next of kin can’t be forced to repay the remaining balance.
- They can ask the co-borrower or cosigner to shoulder the payments. If you’re a co-borrower or have a cosigner for a loan, their death will mean the entire loan is on your shoulders. The lending company has the right to file a lawsuit to secure payment if you don’t return their investment.
- Lenders can file a claim against the borrower’s estate. This is often the case if there’s no collateral linked to a loan. The executor can use the deceased’s assets to pay off creditors.
Lowest Possible Payment in the Industry
Applying for financial assistance is simple with Canada Car Cash. We specialize in title loans and can offer more money than other lenders. Our interest rates are 70% lower and we have affordable monthly payments. You can even get the money on the same day. Sign up at our website or call our toll-free number at 1-844-598-7631.
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