Alright i know that it means to take over the payments but how does it work. And what is involved in this, paper work wise?
2007-05-10 04:09:46 · 9 answers · asked by Skyline 1 in Cars & Transportation ➔ Buying & Selling
you will probably have to re-finance if you go through the bank IF NOT make sure you draw up a contract and have a notary present.
2007-05-10 04:12:28 · answer #1 · answered by Anonymous · 2⤊ 0⤋
You will have to make arrangements with the finance company to get the loan in your name so that you can take over the payments. What you will need to do is have the seller and yourself contact the finance company to transfer the debt to your name.
A credit report check will also be necessary and they will need to check that you have a job and can afford the payments.
2007-05-10 04:16:07 · answer #2 · answered by asldfkjdfj 5 · 0⤊ 0⤋
well to began with it could be more headache then you want read between the line's and check out the car really good because it may need some work if i was you i won't do it i would just go out and buy a cheap car and make it payed in full and don't worry your head on payment's life is to short if you own it it's your's if you don't it's someone else's
2007-05-10 04:16:28 · answer #3 · answered by momalleyray 3 · 0⤊ 0⤋
I would be very careful doing something like that. First make sure that the take over is done through the lender and that the car ownership is transferred to you. If you just informally take over payments without the lender's permission you will not receive ownership.
2007-05-10 04:13:36 · answer #4 · answered by Barkley Hound 7 · 1⤊ 0⤋
No, this is not the way it should be done. You need to make sure the seller has paid off all the outstanding debt on the car before you buy it otherwise the car doesn't belong to him and the finance company can repossess it from you.
2007-05-10 04:12:37 · answer #5 · answered by happy 3 · 1⤊ 0⤋
Take the person to the bank or finance company that the car is financed at, and tell them that you wish to take over the payments.
It then becomes a standard finance. If you are found to be "credit worthy", you will get the car.
DO NOT LEAVE THE VEHICLE IN THE OTHER PERSON'S NAME. PAYING IT OFF ONLY HELPS THEIR CREDIT, NOT YOURS.
2007-05-10 04:16:59 · answer #6 · answered by wi_saint 6 · 1⤊ 0⤋
This is one of the oldest SCAMS in bad car business. You can not assume someone else's loan. All it is is a ploy to get you to come in to their store. Find a reputible dealer. Don't do business with scam artists.
No one is going to give you $8000 more than your trade is worth
No one is going to "pay off your trade no matter what you owe"
Wake up
2007-05-10 04:14:41 · answer #7 · answered by Bill in Kansas 6 · 1⤊ 0⤋
I wouln't touch this car!
If they want to get rid of it that bad it is because it is too much car for them to afford. Also, they probably didn't take care of it, suchh as routine lube and oil, etc. You're asking for trouble.
2007-05-10 04:30:41 · answer #8 · answered by TedEx 7 · 0⤊ 0⤋
I think it is simple, title change and loan transfer would be all, probable need to be in good standing with the lender.
2007-05-10 04:26:04 · answer #9 · answered by adamtxstud 4 · 0⤊ 0⤋