how do i write an agreement for someone to just take over payments on a vehicle i have?

Question

i have a truck that i am paying on still but bought a new one and my sister is taking over payments on the old one. She has just been added to my insurance in order to save her money- but i am wondering how i would write a formal payment agreement and if there is a website or something with templates for it? thanks

Answer 1

Call the loan company and ask if they can arrange it, or if she can get a loan someplace. Otherwise if the loan is not in her name and she decides not to pay guess who has to, and who's credit it will go on

Answer 2

My girlfriend is currently dealing with this right now. her sister was making payments on a new truck, and decided she didn't want it anymore, so my girlfriend arranged to take over payments of it. She had to contact the lienholder, the bank that owns the vehicle, which her sister was making payments to, and apply for a loan with them, for the financed amount, which is the vehicle cost, plus whatever the interest rate is. Luckily, her credit is better than her sisters, and she was actually able to get the payments, AND the interest lowered, by refinancing the loan.

By doing all this, my gf's sister now has NO responsiblity/liability for the vechile, and the vehicles credit history, effective from the loan date, will benefit my gf, and not her sister.

Answer 3

It is just an agreement between you two so you will still owe the lender, if she misses paying one of your payments it can ruin your credit before you know your payment is late. If the lender agrees to let her assume your loan they would do the paperwork. I don't know than you can add people to your insurance other than you own teenagers.