she has a car she no longer needs and is lookin for someone to either take over the payments or buy
some people want to take over payments but their insurance won't put insurance on the car
i know there are people out there that have taken over payments and just made the payments for the people until they can get the car paid off and WAS able to get insurance
has any one ever been thru this and what did you do
any input would be great and i will pass it along to her
thank you
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i appreciate all the trades made in the past.
THANKS!! 1|1|Here's my take (never did it, but worked for an atty who had a similar situation with a client, only it was a trailer...)|Sara_s_Mom|IClipCoupons@gmail.com|19:25:59|10/28/2011|
Don't do it.
Theoretically, you "can" insure people who don't live with you, which would be their option if they could find an insurance company that would do it.
It can't be sold without satisfying the lien, hence why this arrangement would get tossed around.
If you owned the car and faithfully made the payments with the money that other people gave to you, they could still total out the car or something else that would ruin the car and leave you still upside-down on the car. So they got to drive the car and you're left with the negative equity in that situation.
On the flip side, it's never a good idea to make payments to someone who can't give you the title. The client situation involved someone assuming a house payment on a home. The thing was that the owner didn't give the company the money. So for the longest time, the clients thought they were building equity vs. just paying rent. In the end, the home got foreclosed on. Not a good situation.
If these people did assume the payments and made them and then quit paying, it would still be on the original owner because they'd be the one getting the credit ding and repo notices from the lender.
Honestly, it's not a good situation for either person because it's very risky. Even if it is "family", it's still risky, perhaps even more so. If the payment is too much now, it would be far better to surrender the car to the lender before they incur costs by having it repo'd. If the payments are too high, be honest with the lender and see if they can't restructure the loan.