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Taking over payments?

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Atty

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One of my good friends parents just lost their business due to the economy and are having to sell their '07 CTS becuase they can't justify a $600 dollar car payment each month anymore. Since I've been looking at cars recently the topic came up in conversation and I was wondering the specifics on what happens when you take over payments.

If I took over payments (they did their loan through GMAC) would I be able to refinance it in my name? What's the dealer process in doing something like this? Any information any of you have would be very much appreciated.

Also, before I did anything I plan to fully inspect the car, get the low down on everything there is to know, etc. Any tips on that would also be appreciated!

Thanks!
 
The older body style CTS are good cars but the price has dropped a lot since the new one came out. Make sure it is even worth that much first.


<-- Owns a 04 CTS.
 
Why would you take over payments on a car that depreciates like a rock? Unless they put money down or the loan has really short maturity, the car will be worth less than what the payments amortized.

In other words when they got the car, the payments were for 30K car. if you take it over you'll be making payments for 30K car, but the car you get is worth a lot less than that.
 
Well looking around at other used CTS from that same year with similar (higher for the most part) mileage is turning up high 20's price tag. That's without the LCD screen and other luxury features that are in the one I'm considering taking over payments on.

I might not be understanding you guys correctly but from what I can see, the car is worth high 20's, was originalyl 40k, and I'd be paying 20k. :-3

E: According to Edmunds the maximum cost from a dealer on that year and the base model would be 23.5k with a trade in value of 17k.
 
You may get an okay price on an 07, but to my knowledge there weren't a lot of changes in the 1st gen CTS' and you are FAR better off getting an 04 or 05. I've been pricing them recently and in South Florida you can find them for $15K or less. I would not pay $20K+ for a 1st gen CTS, sorry.
 
Originally posted by: fbrdphreak
You may get an okay price on an 07, but to my knowledge there weren't a lot of changes in the 1st gen CTS' and you are FAR better off getting an 04 or 05. I've been pricing them recently and in South Florida you can find them for $15K or less. I would not pay $20K+ for a 1st gen CTS, sorry.
Click to expand...

how many miles on those?
 
Originally posted by: iAtticus
Well looking around at other used CTS from that same year with similar (higher for the most part) mileage is turning up high 20's price tag. That's without the LCD screen and other luxury features that are in the one I'm considering taking over payments on.

I might not be understanding you guys correctly but from what I can see, the car is worth high 20's, was originalyl 40k, and I'd be paying 20k. :-3

E: According to Edmunds the maximum cost from a dealer on that year and the base model would be 23.5k with a trade in value of 17k.
Click to expand...

It's a good deal IMHO...most here probably couldn't afford that deal though so they will kick holes in it.

That said...it's a buyer's market right now, cash is king and can make many go below book.
 
The price isn't exactly spectacular, but considering how low the miles are, it's definitely very fair (and market price).

For reference, here's manheim:
Above Average Below
Sale Price $19,904 $16,566 $13,228
Mileage 19,176 38,352 57,528
 
Originally posted by: DeviousTrap
The price isn't exactly spectacular, but considering how low the miles are, it's definitely very fair (and market price).

For reference, here's manheim:
Above Average Below
Sale Price $19,904 $16,566 $13,228
Mileage 19,176 38,352 57,528
Click to expand...

OP didn't give enough info to determine. That's the 'base'...we don't even know if he's getting an auto or manual.
 
Originally posted by: alkemyst
Originally posted by: DeviousTrap
The price isn't exactly spectacular, but considering how low the miles are, it's definitely very fair (and market price).

For reference, here's manheim:
Above Average Below
Sale Price $19,904 $16,566 $13,228
Mileage 19,176 38,352 57,528
Click to expand...

OP didn't give enough info to determine. That's the 'base'...we don't even know if he's getting an auto or manual.
Click to expand...

That's not quite the base. Auction reports don't differentiate cars depending on option packages in any way, as options have almost no resale value. Those prices are the prices of Above Avg/Average/Below Avg. condition 2007 Cadillac CTS bought by dealers within the last month or so. KBB/Edmunds trade-in pricing is based on these reports.

I personally wouldn't advise buying the particular car (especially since I can buy a 2005 for less than 12k), but for a car with 20k miles, $20k is fair (but not spectacular), especially considering he knows the previous owners. That's not to say that you can't ask any used car dealer to go to an auction and buy one of these cars for 16.5 + a fee, but there are plenty other risks associated with that.
 
The more I've been looking into this the less and less I'm wanting to actually do it. It's all going to depend on my financing APR and even then it I may decide to get a BMW instead. After looking at used 3 series sedans are going for as well as seeing BMW's current financing offers I'm leaning more towards that route vs the Cadillac. Especially now that I know the car has been smoked in, I hate smoking. >:
 
Originally posted by: iAtticus
The more I've been looking into this the less and less I'm wanting to actually do it. It's all going to depend on my financing APR and even then it I may decide to get a BMW instead. After looking at used 3 series sedans are going for as well as seeing BMW's current financing offers I'm leaning more towards that route vs the Cadillac. Especially now that I know the car has been smoked in, I hate smoking. >:
Click to expand...

3 series holds value better than the CTS IIRC (check craiglist for 04CTS vs 04 328), so that may be a better deal. Either way I wouldn't assume payments on anything.
 
Well if you do go for it, Greenman has the right idea. You'll just get financing for the price you agree to with the sellers. In other words, you don't have to pay what they're asking. :light:

They didn't lease it?
 
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