Taking over car payments?

Question

how does this work, do I have to run my credit? Does the car stay financed under the other person's name but, with my name on the title?

Answer 1

You'll need to contact the lender, it's up to them whether the loan is transferable at all. If it is, they'll certainly want to run your credit, since it's really no different than if you were applying for a brand new loan yourself.

Of course, you could always do things under the table and just make payments on the car while keeping all the paperwork in the other person's name, but that's asking for trouble down the road.

Also, until the car is fully paid off, the title is in the hands of the lender.