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Getting rid of a financed car
I owe $11,246.34 on a 2010 Chevrolet HHR LT with 47500 miles on it. I'm looking to get rid of it and get something cheaper, so I posted an ad on Craigslist. A man contacted me saying that he'd like to set something up where he takes over the payments. He specifically said that he didn't want to do it through the dealership because he didn't want ownership to be transferred right away. Said something about how he just financed a new Corvette. He did mention documents and getting things notarized and everything, but I'm still a little suspicious of why he would go through all that. Where should I go from here?
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Ok o the only 2 things I think are good answers that people have said are don't do it and sell it privately. You are stuck with the payments right? The only way you can get out of it is via bankruptcy which I never would recommend. You could sell it privately and that would be probably the best bet. If I were you and I bet you are like this I would save some money and buy a little beater car for the time being. Then I would save some more money and offer it for lower because in this economy, many people are not buying cars. So you probably owe more than it is worth and will have to come up with the difference to get it sold off quicker. The key is to get out of debt and stay out of it. From now on don't finance cars. If he wanted to take over payments the only legal way is for him to either get approved via another loan through another bank or signing over the lien to him with your bank after they approve him via his credit. If you are forced to keep it, I would go and refinance the vehicle one time through a credit union as their rates are usually lower and you can save money. The secret to getting it paid off early and saving the money would be to still make the same payments you were on your original loan and add as much more to it as you can even if it is only $20. So I would not and in no way do anything this guy wants. Good luck to you.
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Don't do it!
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THIS IS A SCAM, DON'T DO IT. CALL THE POLICE Doing it his way you may as well just hand him the keys for he is in essence stealing your car.
When you sell a car with someone taking over the payments the bank assigns the financing to him only after he takes ownership of the vehicle. If he doesn't have title to the vehicle he does not have ownership and all the notarized documents in the world won't help you. He has your car he can send it out of the country and your stuck with paying off the remaining balance.
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Stay away from Craigslist
Your best bet is too sell it privately or trade it in.
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