Taking over payments.

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ok i am financing an RSX. i want to sell my car, im looking for someone to take over payments.
my question is, just exsactly how do u do this? if im not mistaken, the bank i took a loan from will not transfer it to anybody is that correct or not?
my rsx is completely under my name, registration, loan, and everything.
so do i just put a sign up and advertise my car saying that it is for sale to take over payments and once i find someone what do i do next?
what kinda papers do i have to get for the person to sign? if possible, i want my name completly gone of my car.

posted by  Ki2AY

Why not just pay it off? Are finances that tight? How much do you have left to pay before its officially yours?

posted by  newyorker

ALOT! i just purchased it 6 months ago without downpayment.

posted by  Ki2AY

*snort*. Yeah, that'll get ya.

Because the bank owns your car (they do, after all, have the pink slip), they can set the rules on whether or not you can transfer it or not. You'll have to talk it over with a broker at the bank to see what your options are. I don't know what your loan's fine writing is, so I can't really get an answer for you.

I've never heard of taking over payments, though.
Why'd you pick up such an expensive car so early in your life?

posted by  Godlaus

Well trust me it exists. :thumbs:

posted by  67Coronet383

well i called my bank, they said they cannot jus transfer the loan to someone else (off course). they can get pre-approve and take out a loan of their own to pay off mines.
also, my uncle mentioned some kinda papers to sign called "assumption of obligation" anyone knows just exactly what that is?

posted by  Ki2AY

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