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| *Loan,banking and credit>>>auto loan |
What is the process for taking over payments of another persons auto loan? |
What is the process for taking over payments of another persons auto loan? People often use the phrase "take over payments" when they are selling a vehicle, but what they really mean is that they want you to pay off their loan. The bank that holds the loan has a contract set up with that person that they entered after checking that person's credit and analyzing their financial situation, so they are not going to just change the name on the papers without asking questions. You'll have to apply for a separate loan in your name to be used to pay off the other persons loan. You go to your bank or lender and you take out a loan that pays off the other person's loan and then the payments you make are to pay your loan back. You want to pay only or want to take the vehicle also? If you want to pay his debt only pay monthly instalments into his loan account.If you want to buy the vehicle also find out the financing bank and get the loan documents and vehicles transferred in your name and take possession of vehicle. |
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