I'm selling my car and this young ladie is asking about taking over payments. She said she would basically give me 3k cash, then we would sign something (like a sub lease contract), and she would put the monthly payments in my bank account. Is there other ways making this work out? Or is the idea or way she's talking about good or bad? Need help because i'm desperate trying to sell my car. Anything would help, Thanks.
2007-03-14 10:25:50 · 5 answers · asked by Bill 2 in Cars & Transportation ➔ Buying & Selling
The scheme you describe: not a good idea.
Contact the finance company and ask them to help you transfer the vehicle and payments over to her. It's not the first time they've done it. If she's a good risk, they'll do it. But if the bank won't trust her, why should you?
2007-03-14 11:23:06 · answer #1 · answered by John K 4 · 1⤊ 0⤋
not a good idea. You are still on the hook with the original finance company. If this young lady flakes out and doesn't make the payments, you are still obligated to pay off the original loan and, worse, you will be without the vehicle.
2007-03-14 17:34:36 · answer #2 · answered by Jack Chedeville 6 · 1⤊ 0⤋
Don't do it. If you owe money to a lien holder, you are still responsible for the payments. If she takes your car, what is to stop her from driving away and not making the payments? Sell the car for what it is worth and leave it up to the buyer to come up with the money.
2007-03-14 17:42:59 · answer #3 · answered by regerugged 7 · 2⤊ 0⤋
Do you trust her? If the car is still in your name I wouldn't let her drive it. You need to get it out of your name completly. If she crashed it or decided she didn't want it anymore you'd be screwed.
2007-03-14 17:34:38 · answer #4 · answered by WALACPL 2 · 1⤊ 0⤋
If you're really that desperate, go for it.
But you'll be responsible if she stops paying, crashes the car, or takes off to Mexico with it.
2007-03-14 17:45:43 · answer #5 · answered by Anonymous · 1⤊ 1⤋