How Do You Take Over Car Payments Using A Legal Document?
If you are looking to buy a car and know someone who can’t make her payments or does not want to, you can take over her car payments. Before assuming responsibility for someone’s car payments, you should have a legal document drawn up. This is a good idea to protect you in the event that you pay off the car and then the other person takes it back once it is paid for. It is a good idea to use a legal document to take over car payments–even if you know the person very well. Contact the lender of the car payments that you want to take over. Inquire whether the lender would allow you to take over the car payments. If so, you will need to do a credit check and sign the legal loan documents changing over the payments to your name. Use a word processing program, such as Microsoft Word or OpenOffice, to create your own contract to take over car payments if the lender will not do it for you. The title of the contract can be “Assumption of Car Payments” or something similar. Be sure to put this
