Real Answers for Life’s Money Challenges
We have terrible credit.
My mom financed our truck.
My husband was supposed to be put on the loan as a co-signer but wasnt.
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My mom is older and now has serious health conditions.
She is concerned about what happens to the truck if she passes.
We cant 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.
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Unfortunately, the lender may say that refinancing would be the only option.
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You could also work on your credit now so that you could refinance later on if necessary.
Since you have awful credit, you each could start by opening a secured credit card.
you’re free to often see substantial improvements in six months to a year.
Normally, Im hesitant to recommend that anyone agree to co-sign because of the potential damage to their credit.
Hopefully, none of this will be necessary.
But its smart to have a plan for the worst-case scenario of your mothers death.
Start working on your credit now, and above all, keep making those timely payments.
Send your tricky money questions to[email protected].
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