Buying USED car, need advice

[01 S 10 10+ year member]

I found a decent deal on a used car, the owner stated his OBO price, but also listed "take over payments, or pay off".

If i were to take over payments, how does that work? would it effect my credit? Im assuming the car would be switched into my name, but would i write checks to his bank from his original loan on the car? I dont want to get screwed over

I'd rather take over the payments then come up with the full amount up front, i will still need to sell my truck.

Should i consider getting a loan from my bank to cover the whole amount? Im only 21 with average credit i'd say. not much money in the bank either right now

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[Ken448 10+ year member]

essentially, he is only asking for what he owes so he can get out from under it. Not looking to make a buck. You will need t get a loan or cash for payoff of the car based on his payment statements. If he has a brain at all, he will make you do this, and not as you stated!

 

[01 S 10 10+ year member]

essentially, he is only asking for what he owes so he can get out from under it. Not looking to make a buck. You will need t get a loan or cash for payoff of the car based on his payment statements. If he has a brain at all, he will make you do this, and not as you stated!

yeah i might have to try and get a loan for it then. If i were to "just take over payments" i would think he would want like $1000 plus take over payments, but i guess he just cant afford it anymore. he said he is out of a job. its moderately modified too, so i know he has a good chunk of change in it.

Ill have to talk to him about the payoff amount i guess. Id rather just do the payments instead of getting my own loan. Im just not sure how that would work with is loan on the car, i wonder if the bank can switch it into my name on the loan...

 

[dman4486 5,000+ posts]

essentially, he is only asking for what he owes so he can get out from under it. Not looking to make a buck. You will need t get a loan or cash for payoff of the car based on his payment statements. If he has a brain at all, he will make you do this, and not as you stated!

^^this...you get a loan for the full amount and make payments to your own bank

 

[05fronty 5,000+ posts]

what kind of car and how much is payoff?

 

[iamamp3pimp 5,000+ posts]

cody call me later..., im pretty good at this shit.

 

[Skip01 5,000+ posts]

You have to get a loan anyway you look at it unless you payoff in cash

 

[01 S 10 10+ year member]

ok, i see. i wasnt sure, i was thinking i would just pay payments on his loan.

 

[01 S 10 10+ year member]

oh, its an 05 SRT-4 w/ 28k miles. lots of goodies under the hood, its putting down about 350 to the wheels.

his OBO price was 12,000, so im thinking payoff is somewhere around there

http://www.autotrader.com/fyc/vdp.jsp?ct=p&car_id=259941194&dealer_id=63938445&model=SRT4&style_flag=1&start_year=1981&search_type=both&distance=75&end_year=2010&default_sort=priceDESC&address=32757&sort_type=priceDESC&seller_type=p&make=DODGE

 

[01 S 10 10+ year member]

cody call me later..., im pretty good at this shit.

ok, im going to try and get ahold of him today after work, then i can give you a call. you available after 5:00 pm today?

 

[Ken448 10+ year member]

ok, i see. i wasnt sure, i was thinking i would just pay payments on his loan.

no one in their right mind is going to let a stranger pay a loan on their credit. My credit is perfect, and I intend to keep it that way. If it gets teh fuxxored, itll be my fault //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[01 S 10 10+ year member]

no one in their right mind is going to let a stranger pay a loan on their credit. My credit is perfect, and I intend to keep it that way. If it gets teh fuxxored, itll be my fault //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

yea that seems weird, but i wonder why he listed "take over payments", maybe he was just inferring that he wasnt asking anything over what is actually owed.

 

[Ken448 10+ year member]

exactly

 

[05fronty 5,000+ posts]

depends on what the bank will loan on the car. did you check bb on it? i have found alot of banks only will give you what the car is worth not what it has added to it. oh by the way have you checked on insurance on it?

 

[01 S 10 10+ year member]

depends on what the bank will loan on the car. did you check bb on it? i have found alot of banks only will give you what the car is worth not what it has added to it. oh by the way have you checked on insurance on it?

no not yet, ill probably check my insurance as soon as i get some info on it, maybe a test drive first. it will be the first manual car ive owned. but yeah, im expecting to pay a little extra in insurance lol

ill check BB right now