Passing over the Loan Liability to the next Generation

Question

I had borrowed funds from a lender to purchase a vehicle loan. In the event of death or non-payment will my children be held accountable to settle the amount.

rituja_bhatia 1 Answer 678 views
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Answer ( 1 )

  1. instalegal
    0
    2020-05-06T11:42:10+05:30
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    In the event of non-payment because of your death, the vehicle will be taken back by the company who has given you the loan to recover its loss. Hence, if your children want to keep the car, then in case of death, the children can make the payment and secure the car.

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