Can I sell a car and have the buyer take over payments?
Basically, I want to sell my car. I'd love to give buyers two options to widen my playing field. The obvious option would be to sell it for a good chunk of change, pay off the car, and then keep the change - problem solved. But, we all know in this economy, that may not happen as quickly.
Which brings me to the second option. I want to sell the car for a few thousand, and then give them the option to take over the rest of the payments. Is this even possible? If so, can someone please let me know how I could go about doing that? Thanks!
Not possible. You don't own it.
I suggest you read your finance contract with your lender. In that document, it will state that you are not allowed to sub-lease your vehicle under your loan and if you do, the vehicle is subject to repossession.
Even if you owned the car outright, I suggest you stay away from this type of arrangement. You aren't a bank and you would be setting yourself up to only getting calls from people who can't get financed anywhere else. These, incedentally, are the same people that normally default on payments/loans.
If someone can afford to make payment on your car, then they can afford to get a loan.
That loan will need to pay off your entire car note before you can sell the car.
