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John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience:  Over 14 years experience in Medicaid, Estates, Trust.
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Friends of mine got my husband and i a camper. About 2 years

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Friends of mine got my husband and i a camper. About 2 years ago. I believe it has a 6 year loan. The camper is in there name. We pay them the payments and they pay the bill. Right now we can not get the camper financing in our own names. We own a business and things are a little tight and our credit is not so great. What will happen to that camper if they pass away with a balance still owed on it? We talked about gettting paperwork drawn up that we get it if something happens to them but how does that work if there is still money owed on it?
Welcome! Thank you for your question.

So they can prepare a contract for an installment sale that will work to transfer title or assure that the title transfers upon payment in full of your obligation under the purchase agreement. All that is required under this installment sale contract is to have both you and the sellers sign (it does not have to be notarized).

Once the installment sale contract is signed it is an obligation that the friends estates would have to follow through with upon their death. The loan would still be an obligation of the estate. If the friends or the heirs of your friends fail to pay the loan then the financing company can repossess the camper. However, you would still have the right to sue your friends or the heirs for breach of the contract that you signed above. Without the written contract you have nothing that protects your right and all the prior payments you have made.

Is is a form installment sales contract that you can use to meet you needs:

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Customer: replied 4 years ago.

so if they died tomorrow heaven forbid that happen but if they did we there estate would have to pay the balance off? The payments couldnt be like reverted to us? If so would we have to pay the whole thing off at one time?

There is no way to revert the payments to you because the financing company is in control of who they will agree to allow to be responsible for payments. The finance company and contract with your friends also likely have the right to require immediate payment in full upon your friends death. With that said, most finance companies will allow continued payments so long as the payments are in fact being paid. They generally will not agree to transfer the name on the loan to another party, though.

The estate would be required to allow you to continue to make payments or could even be liable to you to assure the loan is paid off at death so that you would not loose ownership of the camper. Even if the estate pays off the loan you would still be obligated for any payments you agreed to under the installment sale.
Customer: replied 4 years ago.

Ok, maybe you did say this and i just didnt get it. So if they died and we have the paperwork you gave me done. They cant take the camper as part of the estate and with that paper the finance company would most likley let us keep making payments with it still in there name?? Am i getting this right or am i just confused?

You are correct. You are following me. Sorry to confuse you. This area is very complex.

What you also need to know is that if the finance company gives you trouble after then with the contract you can force the estate to pay off the loan with other estate assets to assure that they do not take the camper.
Customer: replied 4 years ago.

Thanks so much! I tried to get that form and it didnt work it only downloaded a bunch of crap to my computer.


I am sorry. Let me see if I can find you something else. We do not have forms associated with our site. We only provide information, not forms. I rely on outside sites for forms and some of those can be an issue. Give me a moment and I will find a sample and test the download.

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