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My Loan Co-Signer has Died – Will I lose my car to the estate?
In order to be approved for credit, about 10% of borrowers in Canada need to give the lending company (usually a bank) assurance in the form of a co-signer. A co-signer is someone who has a good and established credit rating already, and who agrees to assume the debt in the event that the person in whose name the money is lent is unable to pay.
In many cases, the co-signer of a loan is a member of the borrowers family; most other people will not assume the risk, although it could be a close personal friend with a good credit record. In some cases, there is a risk that a co-signer may die before the loan is fully paid back, in which case the borrower may wonder what will happen to the assets purchased with the loan. In this scenario, we will use the example of a car in order to see how the situation will play out.
First of all, it is very important to note one thing; the co-signer of your loan does not, in fact, own the car that you needed to obtain the loan to buy. They are simply a guarantee to the lending company that someone will be able to pay for the car. Ownership will only revert to them if you have defaulted on the loan on your own, and they have had to make the payments themselves. In this case, the paper work will already have been changed to reflect the co-signer as the owner. In this case, you car will be part of the co-signers estate, but otherwise it is your own property.
Of course, the death of the co-signer does lead to other issues, even though the car will still be yours. Probably most significantly, you may have to report to the lending company that you no longer have a co-signer to cover you in case of default. Now, the odds are that if you are a responsible enough person to do this in the first place, you have been sure to make your payments. In that case you should have no problems; heres why.
Remember that the reason you had to have a co-signer in the first place was due to bad or no credit (probably no credit record). Once you have been making payments on a loan, however, you have established a credit record. Lending companies now have a basis on which to approve you for a loan, so you will probably be able to secure the loan without the need of a co-signer.
Of course, most people will probably not even think of informing the lending company should a co-signer die; as long as you continue to make your payments, this will not be an issue. If you do default, though, and the co-signer is responsible, your car will become part of the estate.
Aircraft Finance – Know Your Available Opportunities
A large number of people have a great interest, when it comes to the opportunities of flying aircraft, whether theyre small personal planes or larger corporate jets. One of the downsides associated with such type of hobby, is found with the incredible expense which is engaged with acquiring as well as owning your own aircraft. Taking a good advantage of an opportunity like aircraft finance, would enable you to discover an affordable solution to purchasing your own aircraft as well as taking advantage of all the chances which are created from this ownership.
Possibility One: Corporate Ownership
It has now become a daily practice to the corporate entities in order to take the advantage of the general possibilities which very much exists with the usage of owing you form of aircraft. It assists in reducing travel expenses and safely transports management or business associates, to several other destinations, from where new sales potential may exist. By taking benefit of aircraft finance, your company would be capable of minimizing the initial expense that are associated with owning their own aircraft and slowly pay this expense over time, while instantly taking a good advantage of the resources of a corporate plane.
Possibility Two: Business Transportation
For an individual who is looking to purchase their own aircraft, the corporate environment still serves as a unique opportunity for them to take benefit of. While some companies might not make an investment into their own aircraft, they will utilize the services of a specialist flyer, so they could be transferred from one location to another. This unique business opportunity is possible while you come up with the possibilities of aircraft finance and purchase your own plane, in order to meet the corporate demands of your area.
Possibility Three: Training Business Pursuit
The third opportunity is found with using aircraft finance, to purchase a plane that you can then train other individuals how to fly. The hobby of flying is something that is enjoyed by a large number of people and even most people cannot afford to purchase their own plane, even with the benefits of financing. By providing a chance for other people to utilize your aircraft and your flying expertise, you could make money while allowing others to enjoy the unique experiences which is associated with flight.
Possibility Four: Benefiting From Personal Utilization
The last and the final options which is created for people, who invest in aircraft finance, could be found with the benefit of personal utilization. While there are several business opportunities from where a person can make money with the help of the utilization of an aircraft, many pursue this opportunity strictly as a resource of personal enjoyment as well as private utilization.
Each of these opportunities offers reasonable chances for a person to make investments into their own form of aircraft.