PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
What happens to my car loan if my cosigner dies?
My grandfather is the cosigner on my car, but he’s been in poor health lately. I’m planning for the worst just in case something happens. What happens with my car loan if the cosigner passes away?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear that your grandfather is ailing. When that happens in a family, the end result can feel overwhelming and decimating to your emotional and mental health. As morbid as it may seem, however, planning for the worst is actually a smart idea. In regard to your cosigner passing away, you’re solely responsible for paying off the loan.
When or if your grandfather dies, prepare yourself for paying the
car loan
off in full. Since your grandfather was only the cosigner, you’re probably already used to making these payments, so you shouldn’t stress.You also have two options ahead of you regarding the death of a cosigner:
- Inform your lender of the death. If you needed the cosigner to get a certain rate or approval, the lender may change the terms of the loan if allowed in the loan contract.
- Don’t inform your lender of the change. As long as you keep making the payments on time, your lender won’t know the difference. While this may seem deceitful, many borrowers do this to maintain their current rate, especially if they have no problems paying off the loan.
If you want to save more money to pay off your car loan more quickly, take a glance at your
car insurance
insurance policy and compare policy prices with the Jerry app.As a licensed broker,
Jerry
can help you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies