2007-03-08 05:36:30 · 4 answers · asked by big_wa2000 1 in Cars & Transportation ➔ Insurance & Registration
If you have a car that you have leased/financed through a bank that you make payments to and you want to sell it to a new owner who would basically be doing the same thing, they have to get approved for a loan through a bank of their choice, use that money to pay what you still owe to your bank so that your loan is satisfied and then start making payments based upon what their bank chooses. You can't transfer your loan to another person because your interest rates were all set up based on your personal information. If you trust the person enough to give you money to continue making the same payments to your bank, then you can do that since they can not verify where the money is coming from, the bank just wants their money. I don't suggest doing that, though, cus a lot of people will screw you over.
2007-03-08 08:52:08 · answer #1 · answered by karen 2 · 1⤊ 0⤋
You can place an ad, "selling the car", requesting a person to take over the loan. The final decision would lay with your lienholder, if they choose to not finance someone, you are still liable for the loan.
2007-03-09 06:26:26 · answer #2 · answered by fisherwoman 6 · 0⤊ 0⤋
In most states it is not legal to get someone to take over the payments - you sell the car to them and pay off your loan - they get there own loan on the car.
Be careful.
2007-03-08 08:36:41 · answer #3 · answered by T F 4 · 0⤊ 0⤋
Gunpoint?
2007-03-08 09:55:24 · answer #4 · answered by Anonymous · 0⤊ 2⤋