how do i transfer my auto loan to someone else?

Question

i purchased a brand new car last year 2006 and have been good with my payments, i still owe money on the car but the problem, am leaving the country and may not consider coming back but don't want to ruin my credit history and also don't want to get in the habit of "who cares"
i recently found a friend who is interested in taking over the car adn the remaining loan, that way it doesn't get repossesed.

what are the steps of going about this? i will appreciate technical answers or life experiences of the same situation.thanks

Answer 1

The best option is to have him refinance the vehicle in his name. Title will transfer to him and you are completely out of it. Your loan shows paid, and he becomes the owner (with his own leinholder).

Answer 2

1

Answer 3

The other party will have to QUALIFY for the loan. They can go to any bank and tell them they want to buy your car.

If they are approved for the loan, the bank will give them a check made out to your current Lien Holder in that amount.

At this point, you present the buyer with a bill of sale, and sign the title over to that person.

That's it in a nutshell

Answer 4

make sure you actually transfer ownership, not just hand over the payment book. as your friend could easily stop making payments once you leave and you will be screwed in the long run.