Want to take over car payments. Where do I start?

Question

Do I find an auto broker or go with a private party. I live in las vegas, any advice on where I can start looking? Any online resources?

Answer 1

Almost every car for sale in the newspaper or AutoTrader will have a loan on it.   THe seller will be thrilled that you are willing to take over payments.  You will have to go to the bank that made the original loan and fill out the same paperwork that the current owner did.

Most people want to get their money ready before they go shopping so they don't even consider "taking over payments" because they would have to read over the loan terms for every car they looked at.  

What you might really be describing is at

www.leasetrader.com or www.swapalease.com or www.leasetrade.com (haven't tried this one, tho).   You shop to take over someone's lease and you can take your time shopping.  it's perfect.  Can you imagine a situation where a car owner says they will pay your first 6 payments if you agree to take over their lease and put it in your name?  It's fun.

Answer 2

It will almost have to be private party.  You will have to have really good credit and get their financeers approval to take over the loan.  Most auto dealers (even small ones) will want you to take out a new bank loan............

Answer 3

I'm not sure where to look, but be careful, there's a lot of fraud going thru Auto Brokers.  Make sure that you're dealing with the primary lender (GMAC, Ford Credit, ETC) when taking over a loan or doing a transfer of equity.

I've seen people who think they're taking over a loan, signing a document thru an auto broker. However, the primary lender knows nothing about it, making the auto broker contract meaningless.

Answer 4

first off you have to have a loan from a bank or credit union and THEY might have repo's for you...so check that out.