Taking over payments on a car

[97chevycamaro]

Well were looking at buying a house and the only way we can do it is to get rid of the camaros payment, I just wondering how you transfer the payment to someone else. I put like $7k down and ive made like 5 payments of $216, So id be looking for like 6k and take over the payments. Anyone done this before?

[Question]

I would think you would have to sign the title over...

[crazyralph]

Originally posted by 97chevycamaro:
Well were looking at buying a house and the only way we can do it is to get rid of the camaros payment, I just wondering how you transfer the payment to someone else. I put like $7k down and ive made like 5 payments of $216, So id be looking for like 6k and take over the payments. Anyone done this before?

You have to get permission from your lender to do this, and they usually say no. If you go ahead and let someone take over payments and it's still in your name if they don't pay it hurts you. Your best bet would be to try to sell it outright or get someone to get their own loan for it to pay off the lien on the car. Plus getting 6k down would be very hard.

[RallyRed 98]

agree on a price, then let them get the loan.

[camaro_speedemon]

I took over payments on my camaro. I went to my bank to get a loan for the payoff amount of my friends car. My bank wrote his bank a check, and they transfered the title to my bank. It was pretty easy, the whole process took about 3 days. The thing that really held the deal up was my friends finance company took their time sending the title.