Take over payments option?

[satan jamez]

I have a truck that my buddy wants and since it's not that practical for me to own it any longer (baby due any day now) I thought about having him take over my payments.

Has anyone had any experience with this?

[Ranger50]

You are still on the hook for when he quits paying and has possession of the YOUR truck.

[Katmandu]

I have a truck that my buddy wants and since it's not that practical for me to own it any longer (baby due any day now) I thought about having him take over my payments.

Has anyone had any experience with this?Go right ahead if you feel comfortable enough to accept FULL LEGAL RESPONSIBILITY of the truck for your buddy AND hand over your CREDIT Worthiness as well.

Actually, go talk to your bank's loan Officer about the situation. Your buddy will have to file out a loan application on your loan's terms. It's up to the bank to relieve you of the loan and give it to your buddy.

[sean]

Well you can do it through your bank but if you do it that way you can either add him to your load which is like getting a new loan or you could see if your buddy has the credit to get the loan on his own. If your going to or wanting to bypass the bank theres more questions that need to be answered. The main one is do you trust your buddy. You will have to add him to your insurance policy so the truck can remain insured while he drives it. How much is owed on the truck. How long will he have to pay on it until its his.
I have to tell you I have had good luck doing this and bad. I have had to go repo my own vehicles and pretty much end friendships over a "buddy" not making the payments. He has no real worries if he quits talking to you or quits paying on the truck. So the smart way to do it is go to the bank and do it right. If the credit isn't strong enough for him to get the loan and you want to play finance company without talking to the bank good luck. I would say you have a 50/50 shot of him not paying on the truck or wrecking it and making your ins premiums go up since he will have to be added to your insurance.
Not to be a jerk but I would pass. I have done this many times and played finance company and it rarely ends the way you want it to. On the plus side, I have less "buddies" to buy Christmas gifts for... lol

[04 Venom]

You are taking the legal responsibility for him paying. If he totals it and walks away, you still responsible. If you are comfortable with that, no problem.

[Gene]

Or get a GPS tracking unit and hide it under the seat and keep a set of keys. If he misses a payment, repo it.

[95turbocharged]

I wouldn't do it! There are to many things that can go wrong and no matter what you are stuck making sure its paid every month. Money can ruin the best friendships!!!

[CNTLOSE]

Don't do it...for many of the reasons already listed.

[may93]

I wouldn't do it! There are to many things that can go wrong and no matter what you are stuck making sure its paid every month. Money can ruin the best friendships!!!


Don't do it...for many of the reasons already listed.

Listen to these guys. Sounds like a bad financial move all the way around.

[satan jamez]

Wow, thanks for the tips guys. I'll talk to the bank today and if they can't do this so i'm out from under it then forget about it.