Mystical E asked:
This car that I want to buy (2004 Infinity g35) is from someone who I co-signed for originally when he financed it in June 08. Now for personal reasons he wants to sell it and conveniently I want to buy it. So my question is can I take over the payments? Or do I get a loan on my own to buy this car and have no problems with the first lender? I’ve never done this so I’m not sure if it’s even possible.
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This car that I want to buy (2004 Infinity g35) is from someone who I co-signed for originally when he financed it in June 08. Now for personal reasons he wants to sell it and conveniently I want to buy it. So my question is can I take over the payments? Or do I get a loan on my own to buy this car and have no problems with the first lender? I’ve never done this so I’m not sure if it’s even possible.
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technically you already own the vehicle too if you co-signed. all you have to do is go down to the bank (or whoever the loan is with) and have the 2nd person who doesn’t want the vehicle anymore release their name on title
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well u can take over the payments but u will have to risk probelms in the future…id i were u i would go to the car place and switch over the name that way u dnt have any future problems in the future…
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It isn’t their car to sell. You are opening yourself up to big trouble. The safest way is to obtain a loan and let the seller pay the car off so you can receive the title when you purchase it.
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Unless the property is under receivership or has a lien on it. You can sell almost anything to anyone. Buyer beware though. Make sure the car is 100% accounted for. If the car is a con you could be left with a very expensive lemon. Anything is possible. Kind of like the U.S population trusting the Gov with our funds again after the S&L debacle. Surely the brightest minds in the Gov and Wall St. are not going through another Deja Vu hopefully not on a bigger scale this time. I heard 3x bigger than the S&L crisis. I hope it’s not true.
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Go to the bank where you financed the original loan. Take both of your drivers licenses. Ask them to remove the other person. If they refuse, you can just continue paying on the car. But know that the other person might have rights to take the car from you by saying that you are jeopardizing their credit with your late payments. Then you would have to prove that you have receipts for all payments in order to get your car back. That won’t happen if you know and trust the other co-signer.
Have the notary at the bank or MVD notarize the title from both of you (sellers) to only you(buyer).
The first choice is to have the co-signer removed from the loan and the title at the bank. Both at one time..