I want to sell one of my cars, but I just want someone to take over the payments, I have someone willing to buy it and do so, but how do I actually make the sale so the car, and registration goes into his name? Please help, I need to get rid of this car ASAP.
2006-11-08 04:41:23 · 9 answers · asked by Slim 2 in Cars & Transportation ➔ Buying & Selling
To do it legally so nothing comes back in your lap has to be done through your creditor and would need credit authorization for the new buyer, then eveything gets transfered and you're out of the picture. You have other options but the new owner would not get clear title and you are still reponsible should the new owner elect not to pay any longer! That would include destroying YOUR credit ratings! NOT HIGHLY RECOMMENDED!
2006-11-08 04:46:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Letting someone take over your payments affects YOUR credit. He needs to attain a loan in the amount that it would take to pay off your car. Then the registration can go in his name.
2006-11-08 12:45:54 · answer #2 · answered by Dana B 1 · 0⤊ 0⤋
Don't make it a casual exchange. Talk to the lender. They will qualify the person and (maybe-check your loan docs) let the person assume payments. Once done, the title can be moved to the other person. If you don't do it this way and the buyer flakes out, you would be at risk of making payments on a car you don't have in your possession.
-MM
2006-11-08 12:47:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You don't.
Think of it this way, if you sell him the car but you are still responsible for the car loan, what's to prevent him from just taking the car (now legally in his name) and saying "See Ya."
If he defaults on the loan payments, YOU are still responsible for them. Therefore, you need to retain ownership of the car.
2006-11-08 12:44:32 · answer #4 · answered by kja63 7 · 1⤊ 0⤋
You need to get the loan into their name, because you'd still be liable for the payments otherwise.
2006-11-08 13:01:35 · answer #5 · answered by Papa John 6 · 0⤊ 0⤋
Your banker can help you with the financial end of the deal, your attorney can draw up the contract. Don't forget to name yourself as 2nd lien holder on that title!
2006-11-08 12:45:26 · answer #6 · answered by credo quia est absurdum 7 · 0⤊ 0⤋
Go to the bank where you have the car loan and let them handle everything.
2006-11-08 12:43:39 · answer #7 · answered by Thomas S 6 · 1⤊ 0⤋
TAKE THEM TO THE BANK AND TRY TO TRANSFER THE LOAN TO THEM PROBLEY HAVE TO HAVE A 650 CREDIT RATING OR BETTER
2006-11-08 12:52:40 · answer #8 · answered by Ray M 2 · 0⤊ 0⤋
whoever buys it will have to refinance it in their name.
2006-11-08 21:22:18 · answer #9 · answered by HITMAN 3 · 0⤊ 0⤋