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.
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.
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 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.
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.
You and the person wanting to take over the payments, go in a sit down with the lender who holds the note, and talk about it. The lender must agree to this for it to happen.
Contact the lender and get their approval.
Let someone else take over the payments.
You can visit a company like mystructuredsettlementcash to sell annuities and structured settlements. They have lists of buyers to take over your annuity payments.
depends. but contract is better than no contract
Yes, but it has to be with the agreement of the lender.
Only you would have that problem.
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..
You must talk to the lender who has a lien on the vehicle. It is up to them if you will be allowed to take over the payments.
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.
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.
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.
Contact finance company
No it's not illegal to take over someone Mortgage Payments. But some people wont do it because they are scared of the Due Or Sale clause which menas that banks can demand payment in full when they find out a transfer in ownership been made. As long as you have the deed transfered over and the owners gave you FULL authority to take over mortgage, and all paper work is filled out signed by both parties there shouldn't be a problem.
It is not a good idea. If that person does not make any payments then you are on the hook. The ownership can not be changed anyway, because it is listed as security under a registry.
Hello, You can not ask FHA to take over your mortgage. The best thing you can do if you can not continue to make your payments is sell your home. If possible, you really need to do this before the home is foreclosed on.
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.
No. You need to report it immediately and the significant other can take over the rent payments that section 8 was providing.No. You need to report it immediately and the significant other can take over the rent payments that section 8 was providing.No. You need to report it immediately and the significant other can take over the rent payments that section 8 was providing.No. You need to report it immediately and the significant other can take over the rent payments that section 8 was providing.
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy