General Question

mrrich724's avatar

How do you get someone to "take over payments?"?

Asked by mrrich724 (8537points) March 26th, 2010

I used to have a Honda CBR, I paid cash. Then I sold it and financed this Harley Nightster.

It’s nice, but I really want another CBR, it’s just not the same for me.

So here’s my question: I’ve seen people offering a “take over payment” deal on bikes. How does that work? I’m interested in just having someone switch the loan to their name and take over payments so I can get the bike I want.

Any details would be greatly appreciated.

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7 Answers

JLeslie's avatar

I am not sure if I will have the right answer, but I will share my experience. I have “sold” two cars that I had leased, by having the people buying it just take over the payments. I called the company I made the payments to and asked them what options I had, if they allow someone else to take over the payments, and these two companies did. I had another car I wanted to do it with, and they didn’t allow it and it was going to be very complicated and cost the buyer a ton of money in taxes, because it had to change hands twice, but that is another story. So I think call the company that owns the note and see what they say. I know you don’t have a lease, but maybe it works the same way?

mrrich724's avatar

That’s a good thought. Thanks @JLeslie

josephnc1975's avatar

As someone who has worked in finance/collections, I wouldn’t suggest doing the “take over payment” deal. Usually that leaves the whole deal in your name while you are depending on someone else to make the payment. That being said, if that person ever fails to pay, it’s all on you.

JLeslie's avatar

If you can’t get the loan in their name, don’t do it is my advice.

mrrich724's avatar

oh no. I wouldn’t!

thriftymaid's avatar

Your loan has to allow that; not all do. Read your documents or call your lender to see if the loan may be assigned/assumed. If you find that it can be, just advertise your bike as $XXXXXX and take over payments, or if you don’t want any of the equity out of it just say something like “this can be yours with no cash, take over payments.”

Kwikpayday's avatar

Why you would go for “take over payment” as who knows that third person will pay your debt on time or not at all?

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