She has a car that she still owes 14,000 on. She's moving out of town and can't take the car with her, so she's trying to have someone else take over the car. I wanted to know, would she just be able to sign the car over to somebody and they start making the payments or would the person she sold it to need to go to the bank, get a loan for the payoff amount, give it to her to pay off her loan and then the buyer starts paying off the loan to the bank? She's trying to preserve her credit, so she can't do a voluntary reposession, so what can she do to get rid of that car?
2007-03-22 15:08:01 · 3 answers · asked by Mista TKO 3 in Cars & Transportation ➔ Buying & Selling
A voluntary repo is the last thing she needs to do, that will follow her credit for several years. The only way I see, is the way you stated, put out your ad, and when it sells, the buyer and your friend will go to the bank and do the transfer. Obviously, she needs to get at least what she owes. It is doubtful that someone would take over payments, and the lender won't deal that way. Good luck.
2007-03-22 15:52:28 · answer #1 · answered by fisherwoman 6 · 0⤊ 0⤋
Try to convince her to just let you make the payments without having to go thru the hassle of getting your own loan.
She'd be doing whats called "owner-financing" or "Toting the note"
Another cool thing about this is that you assume zero liability for the actual loan. hehe.
2007-03-23 06:46:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Refinance for the amount owed and the*** bank ***pays off the original debt and the new owner has the debt in their name ,it is the only safe way to do it .DO not give the money to her !
2007-03-22 23:42:17 · answer #3 · answered by Elaine814 5 · 0⤊ 0⤋