Legal Question in Wills and Trusts in Illinois
Vehicle Ownership
My father bought a car and had someone co-sign for him and he recently passed away. The co-signer's name seems to be equally connected to the vehicle as my fathers name on many documents. my question is...does the co-signer legally own the vehicle now that my father has died or can a relative pay off the vehicle and aquire it?
2 Answers from Attorneys
Re: Vehicle Ownership
The cosigner does not own the car. It is in the deceased person's estate. The estate must pay off the car loan, and distribute the car in accordance with the will, or sell the car to a third party and use the money to pay off the car loan.
Re: Vehicle Ownership
Co-signing has nothing to do with ownership. If the co-signer is also listed on the title, the co-signer owns all or half of the car, depending on how they are listed. If the co-signer's name does not appear on the title, the co-signer does not have any ownership interest in the vehicle, but is still obligated on the loan.
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