Is it a good idea to "take over payments" on a car?

[brtspears2]

Is there any advantages to buying a used car that says "take over payments" ?

 

[RossMAN]

You're referring to assuming a car loan, most banks do not do this.

You'll have to apply for and obtain your own financing, pay off the existing lender and get the title transferred to your name.

 

[Zenmervolt]

Originally posted by: brtspears2
Is there any advantages to buying a used car that says "take over payments" ?

All it means is that you are stuck with finishing whatever kind of payment agreement the last guy negotiated.

ZV

 

[Thegonagle]

Only if:

A, he's not upside-down (owes more than it's worth), and B, the bank lets you (they won't if A isn't true).

 

[Oakenfold]

Originally posted by: RossMAN
You're referring to assuming a car loan, most banks do not do this.

You'll have to apply for and obtain your own financing, pay off the existing lender and get the title transferred to your name.

Any idea who actually does this RossMan? It's funny how the thought is well known but to be honest I've never seen or heard of anyone doing this(banks, credit unions), the only similar scenario is when maybe a family member would pay for the vehicle if it's financed in someone else's name but I guess that's not really assuming the loan.

 

[RossMAN]

Originally posted by: Oakenfold

Originally posted by: RossMAN
You're referring to assuming a car loan, most banks do not do this.

You'll have to apply for and obtain your own financing, pay off the existing lender and get the title transferred to your name.

Any idea who actually does this RossMan? It's funny how the thought is well known but to be honest I've never seen or heard of anyone doing this except if it's a family situation etc.

Nope I have never known of a lender who does loan assumptions.

 

[Oakenfold]

Bah! Was rewording my reply, someone is on the ball!