I found a car that I am very interested in buying, but it has about 3k to go until it's paid off. How would this "taking over payments" work exactly?
2007-10-25 20:10:31 · 7 answers · asked by Never stop reaching 2 in Cars & Transportation ➔ Buying & Selling
Basically what happens is the finance company that has the lean on the vehicle runs your credit to see if you are elidgeable for financing. Then, you and the previous owner get together at the bank and they transfer the lean from the previous owners name to yours. They release the previous owner from the contract, and the vehicle becomes yours. There is a few more steps like figuring out your loan term, APR, monthly payments and so on, but its not too hard of a process. Not any harder than buying a new car from a dealership.
2007-10-25 20:27:47 · answer #1 · answered by woodchipper890 4 · 2⤊ 0⤋
I'll bet if you call the lender and ask for the payoff it would be less than the $3000 you said. The pay-off usually consists of the actual loan amount less interest.If the pay-off is must less, i would get my own loan from my own bank and pay them if i didn't have the cash handy. The loan you are trying to assume might have a much higher interest rate than what you want!
2007-10-25 22:44:15 · answer #2 · answered by twinorgans 2 · 0⤊ 0⤋
I would not go this route. I would find you own financing using your own credit and terms. Try a local bank or credit union and compare rates. Then bring your financing to the table to buy the car from your friend. He will pay off his lender. Do not work with his bank. Start your own relationship.
2007-10-26 01:22:42 · answer #3 · answered by Jay P 7 · 0⤊ 0⤋
need a sample letter for take over car payments
2017-02-14 16:32:00 · answer #4 · answered by Anmaire T 1 · 0⤊ 0⤋
1. CONTACT THE LENDER.
2. HAVE THE VEHICLE INSPECTED.
3. READ ALL THE PAPERWORK THIS YOU WILL SIGN.
4. GET ALL OF THE VEHICLES MAINTENANCE RECORDS.
5. CALL YOUR INSURANCE COMPANY.
6. REMEMBER WHAT YOU WILL BE BUYING WILL BE MOST LIKELY AN "AS-IS" UNLESS SOME TYPE OF WARRANTY IS REMAINING OR IT HAS AN EXTENDED WARRANTY THAT IS TRANSFERABLE.
2007-10-26 00:04:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Pls talk directly the salesperson itself.
Explain well your case about it.
I'm sure he will understand and he will do the move of what you're thinking right now!
2007-10-25 20:53:31 · answer #6 · answered by Alex B 3 · 0⤊ 1⤋
Never ever do that. Go get your own loan
2007-10-26 02:51:05 · answer #7 · answered by $1,539,684,631,121 Clinton Debt 6 · 0⤊ 0⤋