Lisatexmom
enthusiast
Posts: 758
Reg: 01-19-05
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 04-06-10 09:58 AM - Post#108341
Hello - I am thinking of trying to find someone to take over the payments of my car. I need to get a cheaper car, has anyone ever done this before? 
What do you need to do? How do you manage with the company that financed you? Is there anything legally that needs to be done to get my name off the car and moved to the other party? 
Your help is greatly appreciated, Thanks.
| Don't walk in front of me, I may not follow. Don't walk behind me, I may not lead. Walk beside me and be my friend. - Albert Camus |
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sco
enthusiast
Posts: 2669
Loc: allen,TX USA
Reg: 10-26-02
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04-06-10 10:07 AM - Post#108342
In response to Lisatexmom
Whatever you do make sure you get the title transferred or you could be held liable for anything that happens with that car. Why not just sell it?
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vm7mm
enthusiast
Posts: 1383
Loc: Allen Tx usa
Reg: 08-12-04
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04-06-10 10:08 AM - Post#108343
In response to Lisatexmom
You will probably have to follow your finance company's instructions, maybe call them.
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Lisatexmom
enthusiast
Posts: 758
Reg: 01-19-05
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04-06-10 02:58 PM - Post#108356
In response to sco
I know that is what I was afraid of, it was an idea someone threw at me one day and I have been thinking about it. Getting rid of the payments would help me some - but I owe to much to trade it in for a different car and because of that I am afraid that I would owe to much to try to sale it for what is owed or more.
I don't know - I have never sold a car on my own, unless going to a dealership.
Thanks for your help
| Don't walk in front of me, I may not follow. Don't walk behind me, I may not lead. Walk beside me and be my friend. - Albert Camus |
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sco
enthusiast
Posts: 2669
Loc: allen,TX USA
Reg: 10-26-02
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04-06-10 03:37 PM - Post#108359
In response to Lisatexmom
Do you owe more on the note than the car is worth? That's a tough spot but you still might be better off selling it and taking the one time hit rather than continuing to make payments you can't afford. Dealers will sometimes roll the old note onto a new one even if you are upside down but I definitely wouldn't do that. You could just end up in a bigger hole.
Edited by sco on 04-06-10 03:39 PM. Reason for edit: No reason given.
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Automobob
Community Expert
Posts: 166
Loc: TEXAS, COLLIN
Reg: 04-13-06
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04-07-10 09:10 AM - Post#108389
In response to Lisatexmom
Hi, Lisatexmom. I found this on the net and even though its from a buyers viewpoint aquiring a car/payment hope it helps:(Link--http://www.ehow.com/how-does_4926624_taki ng-over-car-payments-work .html)
Pros and cons
Taking over another persons car payments can be accomplished, but it is not as simple as people would think. Taking over car payments involves assuming the monthly payment, and other responsibilities until the end of the payment term. While there are positive aspects to this, such as getting lower interest rates, fewer payments, the ability to build credit faster, avoiding the down payment and fees associated with a new loan or lease; there are negative aspects as well. You must consider the reason why the current owner wants someone to take over payments and doesn't end the lease or sell the car outright. This could mean that the payments are more than the value of the car. There may be mechanical issues with the vehicle which neither the current owner nor the financing agency wishes to tend to.
Steps Involved
Taking over someone's car payments involves more than just the two people who are moving the responsibility. The most common third party will be either a leasing company or a financial institution. They will want to make sure you can handle the payment and schedule. There is also the insurance company, who will want to know that the car is worth purchasing and will check your credit rating as well as the history of the car.
Needed Items
To take over car payments you will need to discuss the situation with all of the parties affected. You will need to have a meeting with the bank or credit union holding the loan or lease. The institution usually needs paperwork, your credit history, your earning history and ability to pay the installments, and employment history. The loan or lease may be re-written so that you are the primary person responsible for the agreement. You may get different terms and interest rates, depending on how your financial situation compares to the previous owner.
Precautions
To avoid any unseen problems after the deal is settled, take the car to a mechanic before signing papers. Questions concerning engine condition, safety and the amount and level of needed repairs must be answered first. If the car is old, expect some repairs. You will also want to figure out the costs of the car. You should watch for increasing maintenance and incidental costs which could increase your financial burden. You should also write out a contract between the seller of the car and yourself. Have a clear understanding of what the transaction will handle, how it will be carried out, and in what time. The agreement must state that the seller is terminating all rights and ownership of the car unless there is a default in payments. Get this contract notarized and have copies made for everyone involved from the primary parties involved to the lenders and insurance agents.
BOB ELLIS--
ALLEN CAR CARE CENTER |
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Lisatexmom
enthusiast
Posts: 758
Reg: 01-19-05
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04-07-10 09:22 AM - Post#108390
In response to Automobob
Wow thanks Bob - 
| Don't walk in front of me, I may not follow. Don't walk behind me, I may not lead. Walk beside me and be my friend. - Albert Camus |
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Pollyanna
enthusiast
Posts: 1039
Reg: 08-16-04
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04-07-10 09:35 AM - Post#108391
In response to Lisatexmom
What kind of car and what are payments? What is balance?
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Lisatexmom
enthusiast
Posts: 758
Reg: 01-19-05
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04-07-10 12:04 PM - Post#108408
In response to Pollyanna
2005 Ford Escape
Red with gray trim
almost 54,000 miles on it
Owe: $13,669.06
Payments: $347.38
| Don't walk in front of me, I may not follow. Don't walk behind me, I may not lead. Walk beside me and be my friend. - Albert Camus |
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