How Do You Take Over Individual Car Payments?
If you find yourself in need of a new car, you may know someone who is looking to get rid of a car that he is making payments on. If you are interested in his car, you can take over their individual car payments instead of going through a car dealer. However, taking over someone’s individual car payments can be very risky and should be entered into with caution, as the vehicle typically remains titled in the original owner’s name. Ask the current owner of the car to contact the lender of the car loan. Have them inquire of the lender if they will rewrite the loan and allow someone else to take over the individual car payments. Some lenders will do this, providing that you can pass a credit check, and some lenders will not. Type up a contract to to take over the car payments if the lender will not do a rewrite. This is the only way that you can protect your interests if you are taking over car payments without the assistance of the lender. The contract should include the seller’s name an
