Finance take over on vehicle?

[funkedelic2]

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

[s2k_boi]

No, he won't be able to take over your loan. Your buddy will have to get his own loan through TD or his bank.

[jcox20]

I went through a similar situation and s2k is right, your friend will have to go through the approval process himself and depending on his credit worthiness, his interest rate may be higher than yours.

[funkedelic2]

Thanks, much appreciated.