Contact the lender and get their approval.
Let someone else take over the payments.
no
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 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.
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.
Yes
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.
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???
Yes, you can take out a loan for a vehicle for someone else and make the payments on it, but the only way you can put the vehicle in their name is if you have their permission.
depends. but contract is better than no contract