You bet!...
or you cant demand your money back
(any way, you can sue people for just about anything these days. the question is, is it a smart idea?)
Could you be give us a little more info?? Whose car is it??who is making the payments???
The best place to go for advice about someone taking over car payments is the local bank. They will be able to offer advice about what to do if someone is no longer able to pay their car payments.
Yes, all the bank cares about is that someone is making the payments.
You can have someone take over the payments if they meet the credit requirements of the bank you have the financing with. You might also be able to get someone that wants your car to get their own financing to pay off your car.
When you fail to make payments, they go after the co-signer. It can affect his credit. If he makes the payments he can take the car. You wouldn't want to make payments for someone else's car.
You have to sell the car. If you give it back, it will still look as a repossesion...a voluntary repossesion. You do not want someone to take over the payments,as there is no guarantee that the payments will be made on time. Sell the car or try to refinance the balance, it is the only way. Good Luck..
In some states she can transfer her car to you with no tax payments. Contact your local DMV about this.
If you had a written agreement that they would pay you "X" amount of $$ per specified (time period) then they are still liable to make the payments. You should not give them a refund of the money ... they defaulted on a written promise to pay ... they are out the $$ ... you get to keep the car and the money.
The only way you can have your car repossessed would be to not make any payments. If you have taken out a loan and have not made payments, they will take your car away.
Legally, the car belongs to whoever's name is on the title and registration. If someone else is making payments for another person's car, they can't outright take it but could have a case in court for ownership, which could result in seizure.
You can if you listed yourself as the lien holder of the car at the time you transferred the title to the person making payments. If you did not do this at the time you transferred them the title, you can not legally do anything.
Payments made after a car is repossessed will no longer be returned to the debtor. In fact, the lender can still require the debtor to pay the remaining balance of the loan.