Making a contract for auto payment take over?

Question

I am letting someone take over the payments of my car and letting them own the car once payed off. how would i make a contract to do this

Answer 1

bad mistake, you cannot be a lienholder, since there is a finance company in 1st position, you will be responsible for the driver till he is payed up, best thing you can do is contact the lienholder and try to transfer the loan to your buyer, good luck, Jim

Answer 2

You can't.  It isn't your car to do that with, it belongs to the loan company carrying you.  If you have someone wanting to buy it, they have to be approved by your loan company, get a loan to pay off the car, switch everything into their name.

You signed an agreement to keep the car with you and in good repair, not to give it to someone else.

Any agreement you start with another party will be null and void because the party of the first part (the loan company carrying you) didn't agree to those terms.