Taking Over Car Payments: Assistance Please~ [Archive]

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IntheNet

27 Jul 2005, 10:28 AM

Does anyone know about the contractual obligations of taking over someone's car payments?

A friend is leaving the country and has offered his car, which has 36 months left on loan... Is such a deal worth taking? Car has approx. $4500 left to pay and used value on Edmonds is approx. $6500. What pitfalls are involved?

Any assistance greatfully accepted! :)

bigredfutbol

27 Jul 2005, 10:38 AM

Does the warranty transfer?

Sachin

27 Jul 2005, 10:40 AM

Most auto loans are not transferable.

Sachin

IntheNet

27 Jul 2005, 10:41 AM

Does the warranty transfer?

Car out of warranty...

bigredfutbol

27 Jul 2005, 10:46 AM

Unless you really want this particular car, it sounds to me like you'd be doing your friend a favor. I can't see any advantage for you.

IntheNet

27 Jul 2005, 10:54 AM

Unless you really want this particular car, it sounds to me like you'd be doing your friend a favor. I can't see any advantage for you.
Thanks!

I have heard this "taking over car payments" called "Change of Equity" or some such term in the past... I don;t know much about it!