 |
How do you have someone else take over your car payments?In: Car Selling |
[Edit] |
Answer
You can have the person pay directly to you and you in turn ensure the payment is made on time. Most byers will not like that idea out of fear you will steal the money by not paying the loan and in turn having the car repossessed. You can call the lending institution holding the current loan and explain to them what you want to do. They will handle the transaction as a new loan to the buyer; and only if the person is credit worthy, otherwise they will deny your request. The "correct" way to do this kind of transaction is to advertise "Take over the payments" but require that the buyer takes out a new loan; By doing so you ensure that your loan is paid off (no chance of damage to your credit), you do not have the "headache" of not knowing if the buyer will be diligent in paying "your loan".
First answer by Wonderwhy. Last edit by Wonderwhy. Contributor trust: 32 [recommend contributor]. Question popularity: 2 [recommend question]
