Provided you game plan to purchase a automobile that all the more has an boss loan, you may be affected in enchanting over dependable the van payments. This can be dicy, particularly whether you close not determine so completed the lender, being the ownership documents for the automobile Testament much be in the seller's epithet. You can, on the contrary, proceeds steps to protect your interests in the event that matters life sour with the seller.
Instructions
1. Predispose the contact cue for the lender from the seller. Extremely beget certain you that pay for the account number for the seller's car loan.
2. Contact the lender to request to take over the car payments. Transcribe a written contract between the seller and yourself if the lender will not allow you to take over the payments. Be sure to detail in the contract that you will be taking over the payments, the amount of the payments, when and how the payments are made, what happens if you do not make the payments and how the title is to be delivered to you once you pay off the loan. Make a copy of the contract so that you have a total of two copies.4.
You have to fill out a credit application to see if you meet the lender's criteria to take over the car payments. This will get the car in your name in you are approved.3.
Take the contract to a notary with the seller so that each of you can sign it and have it notarized. You each should have a notarized and signed contract. If you do not know where to find a notary, try a native UPS Store or FedEx Office store. The contact will provide you with proof of ownership in the event that you have problems with the seller in the future.
5. Apply for your own auto loan so that you can pay off the seller's loan and make your own payments. You can apply with any bank, credit union or financing company that you like.
