Finance busters: thoughts?

[alpha]

Since Im having a hard time selling my 07 ridgeline, and its financed a friend suggested I list it on finance busters and have someone take over my financing for it. which works out well since all I want out of it is to break even.

Has anyone had any experience with this sort of thing?

[A790]

I assumed someones lease a couple of years or so ago. Pretty painless process. Talk to your financing company so they can give you the low down of what their requirements are.

[jdmXSI]

I didn't think that you could assume a finance... So if someone does try and take it over, do they keep the rate you signed up for or is it just a refinance that's done through the company at a higher rate?

[Masked Bandit]

Originally posted by jdmXSI
I didn't think that you could assume a finance... So if someone does try and take it over, do they keep the rate you signed up for or is it just a refinance that's done through the company at a higher rate?

I believe they simply assume your existing finance contract. That could work out quite well for the new owner if there was a decent down payment made at time of purchase.

[urban.one]

Based on your vehicle being a financed 2007, Im guessing youre not the first owner. Read below - LeaseBusters really works better with newer first owner vehicles that are financed with low manufacturer interest rates.

Without knowing more details on your situation, it sounds like you might be upside down on your financing. You might have to accept the fact that if you need to sell your vehicle, you may have to make up the difference between the market value of your vehicle and the amount owing on your loan.


Originally posted by alpha
Since Im having a hard time selling my 07 ridgeline, and its financed a friend suggested I list it on finance busters and have someone take over my financing for it. which works out well since all I want out of it is to break even.

Has anyone had any experience with this sort of thing?


http://www.financebusters.com/en/FinanceBustershowdoltowork.asp


How Do Finance-Take-Overs Work?
A Finance Take Over is a used vehicle transaction where the Buyer purchases, by way of a private sale, the Seller’s used vehicle as well as the balance of the finance contract that is attached to the vehicle.

A Finance Take Over (FTO) works in the same fashion as any private sale of a used vehicle except that the Buyer must take over the payments of the finance contract that “belongs” to the used vehicle. The FTO is as easy as it sounds if the processes involved are followed and shortcuts are not taken by both the Buyer and the Seller.

FinanceBusters has drafted several instruction and direction pages that are specifically tailored to answer the question: "How do Finance Take Overs Work?" Please review the following sections and click on the webpage that makes the most sense to you.


How Does The Outright Sale Work?
The outright sale of a financed vehicle is a traditional private sale where the Buyer purchases the Seller’s used vehicle and pays out the existing finance contract as part of the process. FinanceBusters has instruction and direction pages that will assist the Buyers and the Sellers in making this process easy and seamless.


SELLERS
Do you want to sell your car? Do you still owe money on your vehicle?

If you have tried to Sell your car (privately or by way of a trade-in) but have found it to be too expensive to do so; FinanceBusters has the solution. FinanceBusters will find someone to Buy your car and Take Over your Payments. Click on any of the following selling links to find out more:

Selling…..the Finance Busters Way: This page discusses how to list your vehicle with FinanceBusters and how FinanceBusters will find a Buyer to purchase your vehicle and/or take over your payments.

The Selling Process: This page discusses the Sellers roles and responsibilities in the Finance Take Over and/or outrights sale transaction. This step-by-step process takes any mystery out of this private sale and shows how easy it really is.

Finance Take Over/Purchase Checklist: This page ensures that you don’t miss anything in the selling process and will assist the Seller with the Buyers expectations.


BUYERS
Are you looking to buy a late model, one owner, used car? Are you interested in getting subsidized interest rates that are normally only available on new cars? Are you looking for a great deal where the original owner has made several of the payments?

If you answered "Yes" to most of these questions then FinanceBusters has the solution. The majority of FinanceBusters vehicles are one owner vehicles that usually have subsidized new car interest rates as part of the contract. no Freight and PDI and pay off the loan faster or simply buy the vehicle outright; all resulting in the savings of thousands of dollars on your next vehicle purchase. Click on the following links to find out more on how the process works:

Buying……the FinanceBusters Way: This page explains why you should Buy a FinanceBusters vehicle and provides you with twelve (12) excellent reasons why this is the best way to buy and finance your next used car.

The Buying Process: This page discusses the Buyers roles and responsibilities in the Finance Take Over and/or purchase transaction. This step-by-step process takes any mystery out of this private sale and shows how easy it really is.

Finance Take Over/Purchase Checklist: This page ensures that you don’t miss anything in the buying process and will assist the Buyer and Seller to ensure a seamless transaction.

[Masked Bandit]

If the OP is upside down on the financing I don't think anyone is going to be interested in taking over that situation.