My credit is super and his is poor. I dont want to face a repo, but i really cant afford the payments. I have talk to plenty of people who are willing to take over payments, if i leave the car in my name so the payments stay low, which are $252.84 for a 99 white tahoe. I really want someone to take over my payments and get the car out of my name.......what should i do? what are my options?
2006-12-07 08:29:27 · 7 answers · asked by Nicole B 2 in Cars & Transportation ➔ Buying & Selling
Sell the car outright.
DON"T LET SOMEONE MAKE THE PAYMENTS, BUT LEAVE THE CAR IN YOUR NAME!!!
If they have the car, you have no leverage over them if they decide to drop the insurance, or can't or won't make the payments. You may not even know if the car gets stolen, damaged, etc. Your credit will be damaged if something happens to it, and you may not even know about it until it's too late.
If your friends can't get credit for themselves to buy the car, then they can't afford it, and should be driving something else. Getting this car while it's still in your name will put them at the limit of what they can afford. If they get laid off, or get sick for a week, or just don't get 40 hours this week, they could lose it, and drag you down, too.
Sell the car.
2006-12-07 08:39:32 · answer #1 · answered by Ralfcoder 7 · 0⤊ 0⤋
You can...
1) Sell it
2) Trade it in
3) Have a buyer fill out a credit application and if the bank approves, they can then take over the contract.
4) Have someone take over the payments without notifying the bank.... this is risky because if the buyer doesn't make payments then you're in the same boat as before. IF they end up trashing it or totalling it in an accident then you're on the hook for the entire value of the car. You'll also have to insure it since the title's in your name.
2006-12-07 08:41:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you let someone take over YOUR payments you run the risk of going from bad to worse. If a stranger defaults on the payments you will have to chase hm/her down and sue to collect since the bank won't care... they will just take the car and charge you for whatever they lose. You don't have nearly that much clout to collect from the stranger.
Best choice is to sell the car and have your boyfriend make up the difference between what is owed and what you get. The cost of 'changing his mind' (sorry but that is SUCH a lame excuse to shaft you for the costs).
If he says no then sell the car, take the hit, and learn the lesson you just paid for.....and think seriously about trading in the BF too.
good luck
2006-12-07 08:39:06 · answer #3 · answered by ca_surveyor 7 · 0⤊ 0⤋
Just sell it! Take the cash from it, and pay off your loan.
Then you're completely out of the deal.
I bet there are plenty of people who'd be willing to take over your payments! What a good deal for them, eh? They got you to cover the down payment, as well as a few of the monthlies...Makes it a great price for them! But I have to ask...why should you do this? It's waaaay nicer than you need to be! Just post it in the paper, or on Craig's List...Alternately, a used car dealer should give you a good price on it.
2006-12-07 08:41:29 · answer #4 · answered by abfabmom1 7 · 0⤊ 0⤋
IF you allow for the car to stay in your name, you still own it. So if they default on the loan, you can reposses the car or report it stolen. HOWEVER, you will also have to start taking over the payments if they default.
IT isn't too bad of a deal, as long as you are keeping up with their making of the payments, or are still making them yourself and they are paying you, so you know when the person defaults. (all of this is if you can count on the individual to return the car if they default, or you can also be positive that they will take care of the vehicle and maintain insurance on it).
2006-12-07 08:39:27 · answer #5 · answered by sheristeele 4 · 0⤊ 0⤋
Wow. Life is a series of lessons we learn. Hope you learn from this one. Sell the vehicle outright, then pay it off. Best to do it quickly so you won't have to make payments on it and the insurance.
2006-12-07 08:39:11 · answer #6 · answered by beeotch 3 · 0⤊ 0⤋
Sell the car, pay off the loan with what you get and call it quits.
2006-12-07 08:37:09 · answer #7 · answered by parsonsel 6 · 0⤊ 0⤋