What problems has to face if I allow someone( a stranger or friend) to take over my car loan?

During good times, I bought a expensive car for USD40.000.00. After paying for 3 years, I lost my job due to economic slowdown. Now I defaulted in 2 months outstanding payment. The finance company has reminded me to update my outstanding payments within 21 days from the receive of the repossesion notice, if not the car will be pulled back. Once the car is pulled back and auction for a very low market price, the finance company will sue me and mak me a bankrupt eventually. At the present situation, no relatives or friends going to help me becuase they have got their own loans and problems. It is advisable for me to advertise in a local newspaper and ask someone to continue the intallments and take over the car so I can escape from the bankruptcy? I know I wont get back all the money i paid for the car all this while. But atleast I wont be a bankrupt. After I ask someone to continue the car installments, I worry how if the person took my car installment meet an accident kill someone, or the car is stolen and used for robbery or any crime? How to avoid all these problems since the car is still under my name? Is there a way to I can ask someone to take over the car under my name but he continue installment till finish and he change the name to his name?



  1. 0 Votes

    If you are looking to keep the loan in your name and let someone else make the payments and take the car I would say that’s a very risky deal to make. First of all how are you going to ensure that they will make the payments on the car? They don’t have a legal obligation to pay it off and if they wanted to they could skip town. Just sell it to them for the balance left on your loan, they can get a loan from their own bank under their name and you walk away without a car payment.

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