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Taking over Car Instalments
- Thread starter Duda101
- Start date
ToxicBunny
Oi! Leave me out of this...
You cannot take over a persons car installments.
The person would be required to sell the vehicle to you and you would have to refinance the vehicle.
The person would be required to sell the vehicle to you and you would have to refinance the vehicle.
I.am.Sam
Honorary Master
unless its like a friend or family who trusts you
then you just pay them the money and well tkae over the installmetns but car is still on they name
then you just pay them the money and well tkae over the installmetns but car is still on they name
marco79
Expert Member
I took over the installments of one of my father in laws cars. Firstly let me say only if you don't trust the person you are taking the installments/car from, then don't do it. They could easily down the line sell or want the car back and you would have little to stand on. The car is still registered in his/her name.
I contacted the bank and told them i'll be taking over the payments. They were ok as long as the account stayed up to date. Even the insurance was good will the arrangement. When the car was stolen (a few months before the term was up) the insurance settled the loan and refunded me the difference.
Another thing to consider is how you will compensate the owner for his contributions/deposit already made. I started paying this car from day 1 and I refunded my father in law the deposit.
I contacted the bank and told them i'll be taking over the payments. They were ok as long as the account stayed up to date. Even the insurance was good will the arrangement. When the car was stolen (a few months before the term was up) the insurance settled the loan and refunded me the difference.
Another thing to consider is how you will compensate the owner for his contributions/deposit already made. I started paying this car from day 1 and I refunded my father in law the deposit.
The_Ogre
Honorary Master
It is, but its illegal (well that's a debate on its own)
USZA
Executive Member
You're right about being illegal because you can't take over someone else's finance without being properly credit-vetted. Plus, the arrangement is risky for both the seller and buyer.
Fortunately for you, your arrangement worked out. Mine went horribly wrong, with said family member conning me out of R45K in just a few months; took the car back and sold it to his dad.
