I want a new car with lower payments, but the car I have now is worth nothing, basically. I was advised to just buy a second car and have someone take over my old car payments because the dealers will not accept that car as a trade in. If the old car payments are not made then the car will be repossesed. But, I will have my new car so it wouldn't make a difference.
2007-12-31 02:44:10 · 9 answers · asked by erica19771996 1 in Cars & Transportation ➔ Buying & Selling
This will ruin my credit for buying cars. But, what about for buying a house, if my car gets repossesed?
2007-12-31 02:56:41 · update #1
I dont suggest you do that, youer friend might have some problems and might not be able to pay the car, then your credit goes bad and your friendship is ruined. It happened to a friend of mine
2007-12-31 02:48:40 · answer #1 · answered by Imanol G 2 · 0⤊ 0⤋
Go to your lending institution with the person that wishes to take over payments and explain to them the individual wants to take over the payments on your old car. If the individual qualifies for the balance of your loan and signs the loan papers, you're good to go on your new car. You can't just give them the car and expect them to take over payments, they may not make the payments and you will be held responsible for the balance and if they are in an accident and the vehicle is still in your name, you will be liable for damages. Paper work must be done!
2007-12-31 02:55:12 · answer #2 · answered by Don't know everything ! 7 · 0⤊ 0⤋
Do you seriously think that's a good plan? Chances are, the bank owns your car, not the car dealership, so if you default on your payments and let the older car get repossessed, it will look very bad on your credit.
Talk to a financial adviser too... the car with the lower payments probably has a longer payment term on it, and therefore, probably a lot more interest to pay (see financing charges and compounded interest).
2007-12-31 02:54:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
you might want to look around at different dealerships.....I never heard of a car not being taken for trade in. I know there is a dealership in my area you can push your trade-in in and still get money for it. If you don't find a dealership you will want to legally sign over you car to someone else so you are no longer responsible for it in anyway.
2007-12-31 02:54:11 · answer #4 · answered by imamom 4 · 0⤊ 0⤋
if it's worth nothing why would your friend want to buy it and take over the payments? not being difficult, just asking. I would not advise it as if yuo wantlower payments, and your friend decides not to pay, then you have 2 payments and you have to decide which one to make. if you can't make the first car, then they repo it and your friend may want the money they paid into it and then your in trouble. making deals with friends is a very bad idea.
2007-12-31 02:53:07 · answer #5 · answered by michaelb 3 · 1⤊ 0⤋
Do yourself a favor and end any obligations with your current car before purchasing a new one.
2007-12-31 02:53:02 · answer #6 · answered by jamoca 7 · 0⤊ 0⤋
Can you really trust the person to do what you are asking. Are they going to take the loan completely or make the payments to you & then you pay the bank? Having a car repossesed will trash your credit. Don't let that happen! What you need to do if calculate the cars value to what you owe on it. Then find that much money detween a down payment & rebates from the dealer. It's the only way to ensure you got rid of the worthless car & your credit is secure. It will be hard to buy a second car w/ a current loan on another car if you don't have enough of an income. What you want to do could easily trun right around & bite you right in the butt. I suggest you think it over & come up w/ a better plan of action. G'luck.
2007-12-31 02:51:20 · answer #7 · answered by The Eagle Keeper 7 · 0⤊ 0⤋
only have a some one take over the payments if they tustworthy, don't let the car get reposesed if you can help it cuz it efects your credit
2007-12-31 02:50:45 · answer #8 · answered by staples_92 4 · 0⤊ 0⤋
if you let someone take over the payments without transferring ownership and that person is in an accident you will be held liable for damages. If this someone wants a car let them pay you for it and you give them ownership
2007-12-31 02:49:16 · answer #9 · answered by bungee 6 · 1⤊ 0⤋