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Taking over car payments not a lease!

Taking over car payments not a lease!

Old Aug 18th 2010, 10:14 pm
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Default Taking over car payments not a lease!

So we have these lease sites see below that let us take over some other poor buggers debt,...anyone seen the same consept but taking over, lets say bank payments or loan companys, IE transfering and keeping the car at the end, or does the auto just get returned to the credit loan company,

swapalease.com leasetrader.com only lease,
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Old Aug 19th 2010, 12:05 am
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Default Re: Taking over car payments not a lease!

Generally people that have those adds cannot sell the car for what they owe and they may have lost their job so can't keep up the payments. The people that answer those adds generally have very bad credit and can't get a loan so are willing to take over the payments even if it cost them more. When someone takes over the payments, the original owner is still on the hook until the car is paid off and then title is given to the new owner.

My maids husband put his car up (even though I told her it was a very bad idea) and the person who took over her payments fled the area and dropped the insurance. For 6 months she couldn't find him so she filed a false police report claiming that her car was stolen. The police found the car with all kinds of damage in Las Vegas. I suspect they knew she filed a false police report but gave her a pass. In the end it cost her about $10,000 instead of the $2,500 that it would have cost to sell the car.

Sometimes the transaction works out but most of the time there are some sort of problems.

Last edited by Michael; Aug 19th 2010 at 12:07 am.
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Old Aug 19th 2010, 12:10 am
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Default Re: Taking over car payments not a lease!

Originally Posted by Michael View Post
Generally people that have those adds cannot sell the car for what they owe and they may have lost their job so can't keep up the payments. The people that answer those adds generally have very bad credit and can't get a loan so are willing to take over the payments even if it cost them more. When someone takes over the payments, the original owner is still on the hook until the car is paid off and then title is given to the new owner.

My maids husband put his car up (even though I told her it was a very bad idea) and the person who took over her payments fled the area and dropped the insurance. For 6 months she couldn't find him so she filed a false police report claiming that her car was stolen. The police found the car with all kinds of damage in Las Vegas. I suspect they knew she filed a false police report but gave her a pass. In the end it cost her about $10,000 instead of the $2,500 that it would have cost to sell the car.

Sometimes the transaction works out but most of the time there are some sort of problems.


Thanks Micheal I was just curious BUT what if its done legally and the lean holder agrees to transfer the title rather then not get paid!
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Old Aug 19th 2010, 12:20 am
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Default Re: Taking over car payments not a lease!

Originally Posted by Poppy girl View Post
Thanks Micheal I was just curious BUT what if its done legally and the lean holder agrees to transfer the title rather then not get paid!
The lien holder won't transfer the loan since car loans are not assumable so the new owner would have to get a new loan. Then there are two problems. First the car is worth less than the loan value and the second is that the person trying to take over the loan generally has bad credit and no down payment so the bank won't issue a new loan.

Even if the bank thinks that the original owner may default, they still will not likely work with the person trying to take over the payments since it is likely that his credit history is much worse than the original owner. The bank doesn't want to trade one problem for probably a much worse problem.

When the maid sold her husbands car, the buyer didn't care at all about the price because he was very desperate.

Last edited by Michael; Aug 19th 2010 at 12:44 am.
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Old Aug 19th 2010, 1:13 am
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Default Re: Taking over car payments not a lease!

Originally Posted by Michael View Post
The lien holder won't transfer the loan since car loans are not assumable so the new owner would have to get a new loan. Then there are two problems. First the car is worth less than the loan value and the second is that the person trying to take over the loan generally has bad credit and no down payment so the bank won't issue a new loan.

Even if the bank thinks that the original owner may default, they still will not likely work with the person trying to take over the payments since it is likely that his credit history is much worse than the original owner. The bank doesn't want to trade one problem for probably a much worse problem.

When the maid sold her husbands car, the buyer didn't care at all about the price because he was very desperate.
Gottcha Thanks
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Old Aug 19th 2010, 3:35 am
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Default Re: Taking over car payments not a lease!

Originally Posted by Poppy girl View Post
Gottcha Thanks
I believe my maid went through an agency that provided potential customers because they stated that they screened potential customers. She also assumed that she could get help from the agency if something went wrong.

I suspect that the only screening that the agency did was make sure that the person had the $250-$500 that they charge to find someone a car. As far as when the person left the area, the agency wasn't of any help.
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