Taking over payments? I have a buyer with bad/little credit?

I am selling my car in which I still have a loan on- granted it is a %26#039;06 car. Well, I have a really interested buyer with whom I%26#039;ve been communicating back and forth. She does not have good credit at all. I just called Lexus Financial (my lienholder) and they said that I could have someone take over payments (which would be transferring equity) but we would have to go through a process, which involves a credit check.

That scared my potential buyer away. And I am afraid that most people who are willing to take over my payments may be in the same situation. I%26#039;ve never sold a car so I honestly don%26#039;t know what to do. Can she get a loan from a bank or something?

And which banks or places is competitive with auto loans?

Taking over payments? I have a buyer with bad/little credit?

It doesn%26#039;t matter with whom she finances she will have to go through a credit check. I guess you got in over your head with this vehicle. You could just turn this thing back in to the dealership but you will have to pay for several things. I would be leary of anyone who was afraid to go through somewhere for financing. Also, do yourself a favor and DO NOT let her make the payments to you and then you make them to Lexus Financial. She could stiff you. Just find a cheaper vehicle, do a trade in, take the loss and realize that you just learned a valuable lesson.

Taking over payments? I have a buyer with bad/little credit?

why are you selling? in over your head? Cause you bough a stupid luxury car? HAHAHAHAHAHAHA!!

seriously, just keep the car and pay it down. If its less than a year old you will never get what you owe on it.

Taking over payments? I have a buyer with bad/little credit?

your buyer should have the money in hand, either a bank loan or cash, and make sure you verify the authenticity of things like cashiers checks or money orders or anything like that. If they%26#039;re phony and you find out after you%26#039;ve accepted payment, YOU are the one left with the financial distress AND no car.

Taking over payments? I have a buyer with bad/little credit?

First off the people who gave you the loan are only looking out for themselves. They want to be sure they get paid.

If you sell the car as Take over payments, you are basically promising them that if the person you are selling the car to doesn%26#039;t make a payment YOU will take responsibility and pay for the car even IF YOU DON%26#039;T POSSESS it any more.

Think about this, you%26#039;ve basically GIVEN your car away and the person you sold it to may have a paper agreement to make payments, BUT YOU are still RESPONSIBLE FOR MAKING SURE THE PAYMENT GETS THERE.

I%26#039;d definitely be looking for another buyer.

Make sure whoever purchase your car gets you a certified check, cashier%26#039;s check, or cash (make sure the cash is real and not counterfeit). Unless you are getting one of the three above, I would not let go of the car.

I would definitely recommend not listing the car as take over payments. It%26#039;s your credit on the line if you do.

A buyer who wants the car can get a loan directly from any bank or credit union. They can even apply for an auto loan at http://www.lendingtree.com for an auto loan. However I repeat, do not let go of the car until you can make sure you pay off any loan you have on the vehicle.

Good luck.