i would like to take over a car payment for someone else as my credit is not so good and t is very hrd for me jto get a car with finiacing o my own so i wanted to try to take over some one elses payment that did not want there car anymore
2006-07-12 19:57:58 · 2 answers · asked by shauna m 1 in Cars & Transportation ➔ Other - Cars & Transportation
I have done that. It is possible, but now that there are title certificates for cars (there weren't when I did it) you need to get the cooperation of the lender, who will control the title. Also, the original borrower may not be let off the hook, especially if your credit isn't good. (If your credit is/were good, then you could get your own used car loan and just buy the car from him/her.) Whatever you do, make sure your insurance company is aware of it or your insurance policy may be void. That includes "borrowing" or "leasing" the car from your friend and taking over the payments that way. There could also be sales tax consequences of the latter. On the other hand if you get the car as a "gift" your state might forgive the sales tax.
2006-07-12 20:05:23 · answer #1 · answered by Anonymous · 3⤊ 0⤋
you need a co . singiner as well all go to the finance company who hols the car title and work this out . my opion/?
2006-07-13 03:02:52 · answer #2 · answered by the_silverfoxx 7 · 0⤊ 0⤋