how does takeover payments work?

Question

i purchased a 2005 gmc envoy that i no longer want because i need to get my finances in order. i can not afford to just get rid of it and buy another one without being upside down in my car payment,i dont have any friends or relatives that will take over the payment.do anyone know how i can get rid of this vehicle without getting in debt.does someone taking over the payments mean my name will still be on the loan.since i'm going through a divorce i need to re-group my finance.please tell me what can i do to get a cheaper car payment.re-financing is out the question since i already have great credit and was able to get a great APR.

Answer 1

"Take over payments" means your name stays on the loan and someone else agrees to make payments. NEVER a good idea because your credit could get worse if they don't make the payments. Also, creditors do not approve of this practice.

Your best bet is to sell the vehicle and pay off the loan, use a home equity line, or refinance the loan for a longer term to lower the payment.

Please do not let someone take over your payments. You will regret it later. Good luck!

Answer 2

Yes your name will still be on the loan. Infact, this is not a very good way to go. Can't you sell it? Will your lein holder extend your terms? Do you have any savings or cash that you can use to pay the loan down??? Ever to Often, people get into these types of expensive loans and end up stuck. It's better to keep your sanity by using common sense to avoid headaches & sleepless nights.

Answer 3

The only way your name comes of the loan is if the lender agrees to remove it. That would mean they are loaning the new person the balance of your loan. If you own more than the car is worth, that won't happen. You said you can't sell the car without going in debt. That means you are already in debt.