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Taking over payments for a car loan or lease involves transferring the responsibility of making payments from the original borrower to a new person. This typically requires approval from the lender or leasing company, and the new person must meet their credit and financial requirements. Once approved, the new person assumes the remaining payments and ownership of the vehicle until the loan or lease term is completed.
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Can you assume car payments on a vehicle?
Yes, you can assume car payments on a vehicle by taking over the existing loan or lease agreement from the current owner.
Can you pick up payments on a car?
Yes, it is possible to take over payments on a car, but it typically requires approval from the lender and a transfer of the loan or lease agreement.
How can I take over car payments from the owner?
To take over car payments from the owner, you will need to contact the lender to see if they allow for a transfer of the loan. If they do, you and the owner will need to agree on the terms of the transfer and complete any necessary paperwork. It's important to make sure you can afford the payments before taking over the loan.
What is a take over payments deal in real estate?
It is a comon deal known as a lease purchase with taking the house subject to the existing financing staying in place.
Can a cosigner take over a car loan if the primary borrower is unable to make payments?
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. This means the cosigner becomes responsible for making the payments on the loan.
Can you assume car payments on a vehicle?
Yes, you can assume car payments on a vehicle by taking over the existing loan or lease agreement from the current owner.
Can you pick up payments on a car?
Yes, it is possible to take over payments on a car, but it typically requires approval from the lender and a transfer of the loan or lease agreement.
How can I take over car payments from the owner?
To take over car payments from the owner, you will need to contact the lender to see if they allow for a transfer of the loan. If they do, you and the owner will need to agree on the terms of the transfer and complete any necessary paperwork. It's important to make sure you can afford the payments before taking over the loan.
What is a take over payments deal in real estate?
It is a comon deal known as a lease purchase with taking the house subject to the existing financing staying in place.
A lease is not up until next year. But a person would like a bank to take over a loan on the vehicle. How would a person get out of the lease and buy the car before the lease is actually up?
You are probably still liable for the 1 year outstanding on the lease since you agreed to pay the specified amount when you signed your contract. You will most likely have to make the rest of your payments or roll the additional cost into your new loan. You should check with the bank you intend to get your new loan from though...
Can a cosigner take over a car loan if the primary borrower is unable to make payments?
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. This means the cosigner becomes responsible for making the payments on the loan.
Do factors like down payment and the security deposit that has to be paid upfront on an asset have a major influence on a lease or loan option?
Large down payments or security deposits will increase the net present value (NPV) of the loan or lease option. If either the lease or the loan requires a large security deposit or down payment, this will increase the NPV of that option making the other option more appealing. This is due to the devaluing of money over time. If a large down payment is required upfront, that amount of money is not devalued. Payments, as time goes by, are less valuable.
How do you calculate lease liability?
To calculate lease liability, first identify the total lease payments over the lease term, including fixed payments, variable payments that depend on an index, and any residual value guarantees. Then, determine the discount rate, which is typically the interest rate implicit in the lease or the lessee's incremental borrowing rate if the implicit rate is not readily determinable. Finally, present value these lease payments using the discount rate to arrive at the total lease liability.
What are deferred payments?
Putting off payments until the end of a loan or to be paid over the course of the remainder of the loan. This will not effect the balance of the loan but there may be fees for not paying on time.
If you are taking over a car payment lease this month how long would it take for you to let someone else take over your lease car payments?
If you're going a dedicated car lease transfer website, the timeframe can usually vary from 10 days to 6 weeks. This is because there is paperwork that needs to be transferred and disseminated between at least three parties - the lease seller, the lease buyer, and the finance company.
Can employer take over lease payments for an employee?
With your permission and they qualify they should be able to in most cases but depends on terms of lease.
What is the accounting treatment for lease to own agreements?
Lease to own agreements are treated as a combination of a lease and a purchase in accounting. The lessee records lease payments as expenses and the asset as a liability on the balance sheet. Over time, the lessee gradually assumes ownership of the asset as payments are made.
