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  1. Join Date
    Feb 2008
    Posts
    12,655
    #31
    Isnt there a mortgage chattel taken on the lease? If so, the the loan is settled and the car ia fully paid up.

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  2. Join Date
    Oct 2002
    Posts
    40,038
    #32
    Quote Originally Posted by dreamur View Post
    Isnt there a mortgage chattel taken on the lease? If so, the the loan is settled and the car ia fully paid up.

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    Ito rin alam ko.

    Ganito naman lahat nga loans. Be it housing, car or soul loan. Owner died Natural death leaving unfinished car loan

    The principal borrower is always insured for eventually. Pag namatay bayad na dapat.


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  3. Join Date
    Mar 2008
    Posts
    52,517
    #33
    Quote Originally Posted by blackhawk88 View Post
    Hi guys, Im a newbie here, a friend of mine needed help about his brother's car. It was financed by Toyota Financing Services on a lease. Just recently his brother died of natural cause. His brother has no wife and children leaving my friend to be the closest relative. Since the death of the lessee would make him default. and the car is still on the lease term. Is there an option for him to continue the payments? since usually if the lessee dies ,the toyota guys will get the car. Really appreciate your replies, thank you.
    read the contract, po, and see if this scenario is covered somewhere there.
    otherwise... he is the default legal heir. he (and his other kapatids) gets to inherit the car, warts and all. mag-usap sila kung papano sasaluhin...

  4. Join Date
    May 2016
    Posts
    2
    #34
    Quote Originally Posted by dr. d View Post
    read the contract, po, and see if this scenario is covered somewhere there.
    otherwise... he is the default legal heir. he (and his other kapatids) gets to inherit the car, warts and all. mag-usap sila kung papano sasaluhin...
    Thank you dr d. yung naka saad po sa contract , pag na default yung lessee which in this case patay na yung lessee. ang nakalagay sa contract pag na default is either yung remaining balance ng rent shall become due and payable. The lessor (toyota financing services) shall have the option to cancel the contract upon default by the lessee at ibabalik yung sasakyan sa toyota sa expense ng lessee. Question po, transferable ba yung lease to the heirs of the lessee?

  5. Join Date
    Mar 2008
    Posts
    52,517
    #35
    Quote Originally Posted by blackhawk88 View Post
    Thank you dr d. yung naka saad po sa contract , pag na default yung lessee which in this case patay na yung lessee. ang nakalagay sa contract pag na default is either yung remaining balance ng rent shall become due and payable. The lessor (toyota financing services) shall have the option to cancel the contract upon default by the lessee at ibabalik yung sasakyan sa toyota sa expense ng lessee. Question po, transferable ba yung lease to the heirs of the lessee?
    you are the required heir! it can not be removed from you just like that. but if you do not put up with the payment within the allowed time frame, that would be akin to giving up your right.
    it means, should the leesee die and the legal heirs do not step up to settle the unpaid amount, the car defaults to the casa.
    bilisan nyo po! baka ma-remata...

  6. Join Date
    Feb 2008
    Posts
    12,655
    #36
    Now leasing is an entirely different story. Ownership is not transferred until the lease contract is fulfilled (assuming this is lease to own). You need to talk to Toyota and assume the lease.

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  7. Join Date
    Feb 2019
    Posts
    4
    #37
    Hi, guys! Newbie here but maybe you have an answer to my question. We got a car from Toyota financed by BDO for a five year contract named after my dad and my mom signed as a co-maker. Although, a year after my dad died but we still continued to pay for it since my mom didn't want any bad record under her name. However, after paying off the car loan, BDO denies issuance of the car's OR CR because of my dad's outstanding credit card balance with BDO. Is this legal? Is our asset tied with my dad's credit card balance? Thanks for the replies

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Owner died Natural death leaving unfinished car loan