Want someone to take over the payments on my car. Payment/interest is high. Could they refinance it?

Question

I think the best way to go with getting rid of my car is to have someone take over the payments. I tried trading it in at the dealership for a cheaper car, but they want me to hang on to it as my credit is getting better quickly. If someone does take over the payments, can they refinance it to get a lower interest rate and a lower payment? Or do they keep exactly what I have? Thanks!

I think the best way to go with getting rid of my car is to have someone take over the payments. I tried trading it in at the dealership for a cheaper car, but they want me to hang on to it as my credit is getting better quickly. If someone does take over the payments, can they refinance it to get a lower interest rate and a lower payment? Or do they keep exactly what I have? It is only 9 months old with relatively low miles, 6K, perfect maintenance, washed/vacuumed weekly.

Answer 1

You have to ask what is the payoff of your car as of today. It is usually a simple interest loan. Then you can ask for Pay-off for the car and hope it sells. Take over payments is a take it over thing and also says you cant afford it and that would mean you have taken pour care of the care maintenance because you have a hard time making payments. So it will be hard to sell . You would be better of keeping it and paying the car off.
You see, if I am looking for a car , 2 cars I would never buy.
1. Take over payments. Why? Because the owner cannot afford the car. Oils changes are missed Tors are worn, belts may need changing ,etc
2. Repo. for the same reasons and more. IE it may not have even been washed, stains, dents.
I mean no offense.
Just giving you some facts of car buying.
Hope that helps.