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Car loan due pending, lender took the car already


13-Feb-2023 (In Recovery Law)
Do the garauntor have to pay if the owner of a car loan dies even when the lender took the car auctioned it already but still some amount is due?
Answers (3)

Answer #1
990 votes
That would depend on how the contract was written. In most cases, loans are usually repaid from the deceased’s estate. However, in the case of a loan secured against a car, then the vehicle may be repossessed. For more legal assistance I am just a call away.
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Advocate Jitender Singh

Adv. Jitender Singh

LawRato Delhi | 1000+ Answers
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Answer #2
603 votes
Yes as per law the guarantor holds the liability to clear the loan outstanding alongwith the applicable penal interest rates and charges incurred on unpaid dues. For any further legal assistance please feel free to contact Thanks
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Advocate Bhawana Pandey

Adv. Bhawana Pandey

LawRatoDelhi | 1000+ Answers
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Answer #3
969 votes
as per the law strictly no, but as guarantor is different for different purposes the nature of agreement defines exactly the relationship. now since the commodity is auctioned now the bank needs to show reason why liability now on guarantor
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Advocate Himanshu Sharma

Adv. Himanshu Sharma

LawRatoDelhi | 50+ Answers
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