What steps are involved when someone takes over car payments?

Currently, I am paying 368 a month for my car. At the time I got it, it was the only option I had unfortunately. They financed it under my name only, (noone to cosign) and the interest is ridiculous!!

I was wondering about someone taking over my payments. What steps are all involved? Does the new person have to sign with my car company or just me?

Someone tell me all about it!!

Thanks.

What steps are involved when someone takes over car payments?

Don%26#039;t get caught in the %26quot;Leave it in your name and I%26#039;ll make the payments%26quot; trap. To do this you would have to find someone credit worthy enough to borrow enough to pay the car off, wait for you to get a clear title, and then you would sign it over. Or, if you can find someone silly enough to pay that high of a payment with those high interest rates, call your current lender and tell them you have someone interested in taking over your obligation. They will run his credit and tell you their decision. If they accept him, they will send you the paperwork to be filled out and sent back in. Don%26#039;t forget to get the vehicle out of your name.

What steps are involved when someone takes over car payments?

your buddy will have to get a bank to finance it for him....when u get that going his bank will buy your contract and refinance it in his name then ur good

What steps are involved when someone takes over car payments?

I work in real estate, and I%26#039;m wondering if this is the same way a person would deal with real estate when someone takes over payments when they try to buy the home. In that case it%26#039;s that the owner still keeps their name on the paperwork and if anything happens to the house then the person%26#039;s name on the initial paperwork would be the responsible person and not the one renting, renting to own, or trying to buy the home, and, the home would stay in the name of the initial person until %26quot;all%26quot; the payments are made.

So I%26#039;m thinking, what kind of paperwork would you be giving to that person indicating that they will take over payments, and who (you or they) would be getting the tags yearly, and would they be like renting it from you, and what if they aren%26#039;t a good driver, or what if they have drugs in the car or an open beer bottle and go to jail then what happens to your car, do you go pick it up or what? and then if your car is involved in the middle of a crime like the police finding drugs in the car will you be incriminated or will your car be impounded and kept? I%26#039;d seriously be afraid to even consider a deal like you are suggesting.

Sure the interest would be ridiculous if you either had no credit or had bad credit, but then that%26#039;s how you get your credit going again, by paying that high interest and paying off that loan yourself. If the monthly payments are too high then get a weekend job or something, pay it off and live thru it. You%26#039;ll be a much better person for doing so.