How do I sell a car with a lien when I owe more than its worth and I have a cosigner?

Question

My mother is willing take over payments on the car but how do I make her responsible for it if there is a late payment without out right selling to her and making her take out a loan to buy it? Is there anyway to transfer it below the banking level? My grandmother is the cosighner and doesn't care if I get rid of it.

Answer 1

you have a bit of a problemo!

Answer 2

There's no way to TRANSFER the title.  She would have to buy it from you (pay off the loan), then pay taxes.

So if you don't mind, just have her take over the payment.

Good Luck...

Answer 3

you have to go the bank and the bank must approve your mother in order to take over the loan. The grandmother can stay as the co-signer,unless your mother has excellent credit and does not need a cosigner.