01-19-2009, 06:58 PM | #1 |
Drives: 2017 Camaro 1LT/RS (V6) Join Date: Dec 2008
Location: Long Island, NY
Posts: 911
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Can I have someone take over the payments on my car?
I still owe $7500 on my car. In June, my Dad wants to buy my car, but he wants to take over my payments and pay me the difference between the value and what I owe on the car. I want to sell it to him. Can I transfer the payments in his name? Does there need to be a credit check? How do I go about this?
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01-19-2009, 06:59 PM | #2 |
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um- you might be able to do so-or u could just take his money and pay it off
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01-19-2009, 07:02 PM | #3 |
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Hmmm, that's a different one. I understand what you want to do, but not sure you can do that and at the same time take your name completely off the car. Why not just sell it to him at what you owe ($7500) and have him get a loan for that amount (if he doesn't have the money)?
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01-19-2009, 07:13 PM | #4 | |
Drives: 2017 Camaro 1LT/RS (V6) Join Date: Dec 2008
Location: Long Island, NY
Posts: 911
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Quote:
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01-19-2009, 09:25 PM | #5 |
Drives: 2SS/RS Join Date: Sep 2008
Location: Western North Carolina
Posts: 7,182
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Just go to whoever you pay (the dealer or the bank) and tell them that you are selling the car and that he will be taking over the payments for the car. There will be a butt load of paperwork you both will have to sign transferring the payments, and title over plus you'll have to visit the tag office and fill out some paperwork there.
My parents have done it a couple times (both being a buyer and seller) and it's not hard, just a pain in the butt and requires some leg work. |
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