Does anyone know how to let another take over payments on a vehicle.?

Question

I advertised a pickup, to take over payments, but now I don't know how this works. Can anyone help me.

Answer 1

technically if they take over the payments on your loan, the loan is still in your name... so if they ever default- its on you, not them.

Highly recommend if youre going to sell it that you have them pay cash- or take out a new loan in their name to payoff your loan. or you both could to go the bank and refinance it into their name.

If you allow them to take over payments, everything is still in your name ( just wanted to reiterate this) and after a few years (however long your loan term is) the person who is buying it will have to contact you to have you sign off on the title.

Hope this helps.-- You can always contact the bank where your loan is through and explain the situation, and they will be more than happy to assist you.

Answer 2

Aliciate gets a thumbs up from me good answer. As I see it you have but two options  (A) take them to the bank and have a new loan made by them and freeing you of the existing loan. (B) sell  them the vehicle out right. You surely do not want anyone else to be making the payments in this day where if you are late on a ayment that your interest rate can go up and up.

Answer 3

I think you sell someone the vehicle and they pickup the payments, it no longer belongs to you.