funkedelic2
04-07-2015, 10:16 PM
Does anyone know if most banks and financing companies allow a loan to be taken over by another person, allowing them to continue to finance the vehicle?
I'm looking to sell one of my cars, and a friend of mine wants to take over my payments. The payments are low and locked into a good rate so I'm wondering if I can sell the vehicle this way?
I probably can't make money off of it and most likely would break even if I was lucky if I decided to sell it privately so I am ok with basically handing over the keys and loan to someone else.
I have the loan with td auto finance and I was on hold for 35+ minutes and had to go back to work so I will contact them again when I can but figured I would ask on here if anyone has ever done this before.
I have heard of lease takeovers but not sure the financing works the same way.
Thanks for the help
I'm looking to sell one of my cars, and a friend of mine wants to take over my payments. The payments are low and locked into a good rate so I'm wondering if I can sell the vehicle this way?
I probably can't make money off of it and most likely would break even if I was lucky if I decided to sell it privately so I am ok with basically handing over the keys and loan to someone else.
I have the loan with td auto finance and I was on hold for 35+ minutes and had to go back to work so I will contact them again when I can but figured I would ask on here if anyone has ever done this before.
I have heard of lease takeovers but not sure the financing works the same way.
Thanks for the help