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? asked in Business & FinanceCredit · 1 month ago

Someone else take over my car loan?

So i know this is a difficult case by case deal, but i know someone that wants to take over my car loan. If possible will the car be taken off my credit or will it still show up on my credit report?

5 Answers

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  • Judy
    Lv 7
    4 weeks ago

    You would still be responsible, if they don't pay.  Why not just sell them the car?

  • 1 month ago

    This is a very risky thing to do and you need to make sure that the legal ramifications do not come back to haunt you!

    If they don't pay off the car it will show up on your credit report.

    If they get into a wreck, it can come back on you also.

    They could chop the car, sell it for parts and you would never have a way to recover the loss.

    The only safe way to deal with this is to have them refinance the car either directly through the present financial institution or another one. You have to get your name off of the title and the loan out of your name.

  • 1 month ago

    Of course it will. The way it really works is you agree on a price for the car, they get their own loan and pay you, then you pay off your loan.

  • Mark
    Lv 7
    1 month ago

    Well, basically, the bank owns your car and you pay the bank for it. Your bank won't let another person/a buyer makes payments to them. 

    You will have to agree on a price with a buyer and then put that money against your loan which probably won't be enough to pay if off. So, you will still owe your bank the balance and you won't have a car.

  • ?
    Lv 7
    1 month ago

    No, it doesn't work like that. There is no such thing as taking over someone else's loan. This "someone" will have to pay off your loan with their own loan or cash. Otherwise the car and the responsibility for it will remain on you.

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