How do I legally take over payments on a vehicle?

Question

The vehicle is for sale and I want to take ownership; however, due to a not-at-fault car accident , I cannot get a loan. Owner says I can take over her payments. How is that done legally? Bill of Sale?

Answer 1

You can take over payments and pay off another persons vehicle without a title. The only true way to do it is to refinance the loan completely.

Answer 2

You can't just 'take over her payments'.  The car will have to be transferred into your name, which won't happen until you get a loan from the company financing the vehicle.  If you can't get a loan due to poor credit, you can't take over payments.

Answer 3

Nope. You can't just take over payments. The owner must legally sell the car to you. You must get your own loan to pay him for the car. The title and registration must be in your name.

If he simply let you have the car and you started sending him payments, the car would still belong to him and he would be violating his loan agreement. You couldn't get insurance and you couldn't register it. And his insurance, if he has any, wouldn't cover you. If you were to cause an accident, you would be financially and legally liable.

Answer 4

you would have to keep contacting banks to get a loan to take the car from under her. only a bank acn help you. unless you just mail in her apyments which is helping the persons credit not yours.