Taking over payments...

[Chunkee]

I see this listed sometimes and do not understand how that would work...? Does the purchasing party just refinance it with the same terms? Are you responsible for the payments? I am sure there are a few scenarios, but did not know how most do this.

JC

 

[JulesMaximus]

I've never done it. Sounds like you would just be assuming the debt of someone who makes bad financial decisions which right off the bat makes me question a whole bunch of other things about that person.

 

[CRXican]

Originally posted by: Chunkee
I see this listed sometimes and do not understand how that would work...? Does the purchasing party just refinance it with the same terms? Are you responsible for the payments? I am sure there are a few scenarios, but did not know how most do this.

JC

I guess it depends on who is saying it. What is should mean is the buyer gets their own loan to pay off the old loan and thus they will be making their own payments and ownership is transferred.

On the other hand you have delusional people who actually think you will make payments on thier loan after they give you the car. You won't be able to obtain the title or register it in your name because the lienholder still owns the car. Sounds crazy but I think people actually consider this sometimes.

 

[Greenman]

I haven't heard of an assumable loan in over 25 years. I think the people saying "take over payments" don't know what they're talking about.

 

[Kntx]

I've seen this advertised sometimes. I always understood it as taking over a lease, not a car loan. So then I wonder why you'd ever want to take over a lease when you could conceivably lease a brand new car with a similar payment?

 

[Bignate603]

Originally posted by: Kntx
I've seen this advertised sometimes. I always understood it as taking over a lease, not a car loan. So then I wonder why you'd ever want to take over a lease when you could conceivably lease a brand new car with a similar payment?

No payment upfront.

 

[BUTCH1]

The financier will need to start a NEW loan if you qualify and the vehicle is worth the asking price. If "taking over the loan" were simply allowed the seller would be screwed if you defaulted and you would be screwed if he/she refused to hand over title when payments are complete..

 

[Demon-Xanth]

People usually do this when their either upside down or just looking to get rid of it entirely. In reality, what they're doing is selling the car for what they still owe. But to some people, they probably expect you to send a check to their lender. Which doesn't work.