Comments on: Someone else is making my car payments. Need help with legal documentation? http://www.suffuses.com/someone-else-is-making-my-car-payments-need-help-with-legal-documentation/ Tue, 20 Jul 2010 00:11:37 +0000 http://wordpress.org/?v=2.9 hourly 1 By: CHAR Lhttp://www.suffuses.com/someone-else-is-making-my-car-payments-need-help-with-legal-documentation/comment-page-1/#comment-703 CHAR L Fri, 07 Aug 2009 03:18:03 +0000 http://www.suffuses.com/someone-else-is-making-my-car-payments-need-help-with-legal-documentation/#comment-703 <a href=""></a>When you make a deal like this, this is what you do.. Example if the car was 20 thousand and you paid 10 thousand and you owe 10 thousand you ask for the new buyer to pay you 10 thousand ( that is yours to keep) and then you ask them to take over the remainder of the loan which in this case would be 10 thousand dollars. You must contact the finance company with this information explaining that you have sold the car and this person is going to take over the loan.. They should then draw up a promissory note in that persons name and release you from all liability.. This MUST be done through the finance company

When you make a deal like this, this is what you do.. Example if the car was 20 thousand and you paid 10 thousand and you owe 10 thousand you ask for the new buyer to pay you 10 thousand ( that is yours to keep) and then you ask them to take over the remainder of the loan which in this case would be 10 thousand dollars.
You must contact the finance company with this information explaining that you have sold the car and this person is going to take over the loan.. They should then draw up a promissory note in that persons name and release you from all liability.. This MUST be done through the finance company

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