Can you sell a used car, but by taking over payments?

Question

we have a second car we dont really want anymore. works great, but we want to know if we could sell it faster if someone would take over the payments/car. how does that work VS a buy? It has 6800 left on it and a 00 mustang. 60,000 MI.

Answer 1

That depends. Do you own the car outright? Or does a loan company hold the title? If you own the car, you can set up any type of transaction you want. If you're paying a loan company, it's up to them if they want to accept a take-over-payment deal on it. If they do, the person taking over must still have strong enough credit to qualify.

If the loan company holds the note on your Mustang, you may want to consider selling it whatever the actual payoff is. Have the buyer get a bank check made out for the amount to THE LOAN COMPANY. Not you. This way, if the check bounces, the loan company goes after the bearer of the check. Not you.