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Ouch.
I have seen ads in the newspaper of private sellers asking
for someone to 'take over payments'. I want to do the same thing but did not know the exact details on how it works.
I just thought I could get some insight from this forum!
Would it be possible for the car to get registered and insured in the name of the person taking over payments and still keep the lien in my name with the bank?
The only way to do this right is to have the other person get a loan and pay off your loan - PERIOD.
There's someone a couple of blocks over trying to unload a Mountaineer for what I must assume to be payoff because it is priced 50% over market value.
People are like crows...they love bright, shiny, new things.
Turboshadow
They ruined theirs - why wouldn't they do the same to yours? Obviously, their contracts didn't mean anything to them, why would yours be different?
If someone wants to take over your lease officially then they need to get approval from the leasing company. Letting someone take your car that still has your name on the lease contract would be an extremely stupid thing to do.
You summed it up well. You may be surprised at the number of friendships, acquaintance relationships, and "I don't really know them" relationships that are ruined because someone promises to make payments on a car in that situation, though. Inevitably, something comes up, like buying concert tickets, that is more important than making a car payment, and you know the "ruined relationship and credit" rest of the story.
As stupid as it is, it still happens. I just sold an '85 MR-2 TWICE on ebay. The first kid who won the car through "Buy It Now" fully intended to make 4 payments on the car and thought it would be cool with me, AFTER I delievered the car to Atlanta and signed over the title - yeah, that's happening...
He went into the deal thinking that people actually do business that way - the problem is, SOME DO!
This isn't always the case. I had an 2003 Infiniti M45 that just wasn't practical for where I was moving to. Checking the wholesale trade figures I was about $3000 upside down BUT my lease payment was $356 a month which for a $47000 new car is pretty impressive. Most other M45s on the lease swap site were around $550 to $700 (Those guys must be really upside down). Needless to say mine was snapped up in no time. Also, the person taking it over had to go to an Infiniti dealer, fill in a credit app and get approved. The lease is now in his name, not mine.
But maximus owns the Tahoe and I don't see him being able to get a credit-worthy person to take over his debt when that same person could go get an equivalent Tahoe for $7K less. I would think that the only people that would be interested in such a deal wouldn't be able to qualify with the lender to take over the payments anyway.
You said you had someone assume(take over) your lease, was it
a complicated process and was it expensive?
Terry.
http://www.philly.com/mld/philly/news/local/8781812.htm
- Name/address/phone of seller
- Name/address/phone of buyer
- Year/make/model of car
- Mileage
- Agreed selling price
- "As is" statement (this is wording that essentially says you are selling, and the buyer is accepting, the car "as is" with no implied or express warranty)
- Signature of seller
- Signature of buyer
- Date of transaction
You can get bill of sale forms from most office supply stores. When you complete the sale, keep the original, and give a carbon to the buyer. I always recommend signing in blue ink instead of black - black can be easily replicated on a standard copier.
As far as getting the title... the safest way to do this is the following: once you've agreed on a price, have the buyer prepare two checks - one payable to the bank for the payoff amount, the other to yo for the difference. The bank will then return the title upon receipt and cashing of the check to them. Call the bank ahead of time and alert them that it is coming, so that this can be expedited.
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Also, the phrase "seller is not liable for any warranties, expressed or implied, nor is the seller promising and future repairs or adjustments".
Trust me on that last one - learned the hard way.
Now you guys see why we are keeping the Chevy?
Which, btw, is back in the repair shop with the mechanic scratching his head and me feeling a tremendous sucking feeling in the wallet.
X___________________________
Terry.
Now I don't know what to do. Should I get it fixed and then then try to sell it, even if I lose money?
What I'm looking for is the quickest way to be rid of this Jeep, its debt, and into a nice cheap Toyota. I'm sure many have been in similar circumstances. Suggestions?!?!
Might be a different story if it is really just cosmetic damage (a cracked bumper cover for instance) that may not even need to be fixed, but in you case, it sounds like much more than that.
Once it is fixed, you can make a reasonable decision on whether to keep it or not (assuming you mostly want to sell because of the damage).
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
You owe $6800. If you roll that into another car loan, you will still owe $6800.
If you are having trouble making the payment, the second job idea is a great one.. Get the loan paid off, then if your finances are in order, and you want a new car, then go for it.
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"Owe more than it's worth... I'm upside down and I can't get up!"
The rest of it goes, "So, I keep on paying until I'm NOT upside down!"
I can think of very few scenarios where this wouldn't be the case.
What I don't get is how someone can owe $6800 on a '99 Accord, or a '99 Cherokee Sport with $7k attached. These are *six year old vehicles*. It just doesn't add up! How does such a thing happen?
Of course, if people purchased what they could afford, many car dealers would be out of business.
My options are to a)sell privately or b) trade in. The negative equity afterwards would be rolled into an a) new car or b) used car. I'm hoping to sell for at least 23k leaving 3k to roll into a new or used car. Right now I can't afford to pay off the 3k myself. Is it better to trade in for a new car (b/c of lower interest rates) or a used car? OR if I sell is it better to buy a new/used car?
Also can a bank just "roll" over the difference from the original loan to a loan for a new or used car?
2nd, I gotta point out that, given the amount you want to finance now ($15K) and the fact that you would be, in your scenario, $3K upside-down, and the fact that you have no money (i'm assuming this based on the comment that you can't cover the negative), the only new car you could afford is a stripped down Hyundai Accent or Kia Rio (or maybe that new Chevy Aveo or Suzuki something-or-other). So unless you want one of those, you'd be looking at used cars.
3rdly, and maybe someone has a way around this that I don't know of, you can't sell it on your own if you don't have the money to pay the remaining balance. The bank isn't going to release your title until the balance is paid in full. And I really doubt you'll find a buyer who will be happy with the terms that include "you give me the money now, but I can't give you the title until I find a way to pay the rest of the money that I owe." So I believe your only solution is to go to a dealer for this transaction. Problem with that, of course, is you won't get the kind of money you need on your TSX.
Sorry that I don't have anything better to share with you. Good luck.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Now, you have a 1 year old car, calculated from the payments and your payoff, which probably 12,000 miles that you want to sell for $23K. I don't know too many people who would buy a used car for $2000 less than a brand new one at the dealership (current price on the 2004 TSX no navi is $25,600).
I hope you have learnt your lesson and will never want to be "the first kid on the block with a new shiny bike"
There is a solution for you, if you are planning on taking a school loan, you can include the car in it as well. But, you have to make a promise to your self, to keep the car until you at least pay off half of your school loanm which is at least 10 years. You don't want to suddenly feel that you are on top of the world with no car payment and a $20K worth of car equity in your hands, and get yourself into a more expesive car, thinking that you can use TSX as a downpayment on that "shiny new bike that no one else has"
You have to excersise restraint, lack of which got you here in the first place.
If the OP is going for a graduate degree, the cost of the car will be minimal compared to the loan amount. I assume OP's job does not offer tuition reimbursement, otherwise he/she would not want to get out of the vehicle.
I also suggested keeping the car for 10 years or more. However, since the TSX purchase was an impulse purchase in the first place, I highly doubt that OP will follow through.
The reason I classify this as an impulse purchase, no one is going to buy a $30K car knowing that they will be going to school in a year. Going to school is not something that "just comes up." The prep-courses take a few months in advance to GMAT, LSAT, MCAT test dates, which are usually a few months in advance to the semester start. If the original poster was thinking of going to school when the vehicle was purchased, then he/she was already either taking or have signed up for prep-classes in anticipation of entering graduate school.
Terry.
Quite often because folks have rolled negative equity in. I had one lady in last week who owed $26k on a 2000 Nissan Altima.
Terry ;^}
$20K upside down on that Altima is the worse I've seen yet!
Terry :0
This particular van had a chassis price of $24,700 and an MSRP, with the conversion, of $49,995. (Yeah, ouch)
He was a total jerk to deal with, but we got it all done, and he added an extended warranty, paint seal, a few other goodies like a visor (we installed, OTD was $700), a bug shield, different wheels ($1500)...his total to finance was over $51,000.
He came back 11 months later with 57,000 miles on the van, a few horse bites (that's Wyoming talk for dents and dings), needed tires, had never been washed, carpeting would need to be replaced (between mud and McDonald's attacks).
We ACV'd the van at $15k - since he was paying 15% interest, he still owed around $49,500...
$34,500 upside down. After he was such a jerk to deal with and tanked my CSI, it was a pleasure to tell him we could trade him out of the van with $35,000 down...