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What happens if the cosigner of a car loan dies?
I'm halfway through my car loan, and my uncle, who cosigned the loan, has died suddenly. Am I going to lose my car or have to pay the total amount? I can't afford that. What happens if the cosigner of a car loan dies?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m so sorry for your loss.
Whenever you’re able, the first thing you should do is contact your lender and let them know your cosigner has passed away. Your lender will usually do one of two things:
- Renegotiate
- Keep the same deal
If they choose to renegotiate, that means they will go over your loan with you and help you make any necessary adjustments.
If they choose to keep the same deal, that means nothing will change about your loan, so long as that still works for you. You’ll keep the same payment plan and interest rate as the original loan you qualified for with the help of your uncle. This is generally the case if you’ve been making your payments on time.
No matter what, make sure to let your lender know about the circumstances. Not telling your lender could lead to legal action.
Hopefully, this helps alleviate some of your fears!
Jerry
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