Cars & Vehicles

How can one get someone to take over car payments?

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2013-06-27 08:08:19
2013-06-27 08:08:19

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.

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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.

Contact the lender and get their approval.

Best way to do this is to talk to the place that holds the note on the car. They will usually work out something. If someone has power of attorney it would help out. They could just simply do a take over payments on the books.

Get someone to take over payments, via an ad in the paper. Trade it in, or give it back to the bank, and take the hit on your credit.

For someone to take over the payments they must essentially get a new loan for the payoff amount in their name. This new loan will pay off your loan and will make thir payoff amount higher than yours.

This is usually a situation where someone owes money on their car, but cannot make the payments or they want to get a different car. They will offer the car up to you in exchange for you taking over the car payment. Essentially, you just take over paying what they owe and you own the 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.

Renegotiate the loan with the lender. Sell the car to someone else or have them take over the payments. The very last thing you want to do is default on the loan.

You can take over the payments on a loan because the lending institution doesn't care who they get their money from BUT, until the car is paid in full, you have no rights to it and the responsibility for the car still is on the original purchasers credit. If you miss payments, the bank goes after him. They will not accept,,"someone else is supposed to be making the payments". You will own nothing and the original owner can simply drive the car away when it's paid for.

Yes, with the agreement of the finance company.

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.

Could you be give us a little more info?? Whose car is it??who is making the payments???

they h ave to get a loan to pay off your loan and free up the title and then it will be in their name.

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..

No. Not if you signed the title over to the other person.If they don't pay the loan then your credit will take the hit. If the car is still registered in your name you can take it. If so, do you realize how risky it is to allow someone to drive a car that is registered in your name? You are responsible for any fines incurred, any damages in an accident, and especially if anyone is injured. You are making a grave mistake.

Yes, all the bank cares about is that someone is making the payments.

It is best to have the person buy the vehicle off you straight out. Then in turn, with the money you receive from him/her you pay the remainder of the loan. It gets too complicated for someone to take over car payments and you sure don't know this person. They could well leave the country and leave you holding the bag. Good luckMarcy

You must have approval from the lender in order to take over the payments on a loan.

Second hand car show room Public auction (but you need cash) Craig's (but buy IN PERSON & inspect fully) Possibly take over payments for someone if you can get credit. Generally you save over a new loan with no payments made thus far.

ONLY if you are on the TITLE as co-OWNER. Otherwise you are just on the hook for the payments.

Yes, but typically the loan "originator" remains responsible unless the actual loan is transfered to the new purchaser. Letting someone "take over payments" on your loan is a very bad idea. If there should be an accident, the title is still in the sellers name and they remain ultimately responsible. I have had parents pay cash for a car for their kids and place themselves as the lienholder. Legally they can't be sued if there is an accident and the kids can't sell the car without the parents signing over the title.

Put an add in your local for sale and want adds, and advertise it as take over payments. BEWARE , there are some people who may say they will pay and wont but you will still be liable for the payments. Get the transaction in writing.

Contact the bank or finance company that holds the note on this car. They can transfer the loan to you if you qualify.


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