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Dear Penny: My Mom Signed Our Truck Loan. What Happens if She Dies?

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2 years ago

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Dear Penny,

We have terrible credit. My mom financed our truck. My husband was supposed to be put on the loan as a co-signer but wasn’t. 

My mom is older and now has serious health conditions. She is concerned about what happens to the truck if she passes. We can’t currently refinance the loan in our name. What would happen if she did pass? We have made all the payments. The registration and plates are in our name. Her name alone is on the loan.

-T.

Dear T.,

Practically speaking, it’s unlikely that the lender would repossess the truck

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