Purchasinga car from friend

[johnlew32]

Texas

Hi,
My wife and I have a friend who is wanting to get rid of there car and wanting us to take over payments on it. We have agreed on the payment amount, and selling price. Just need to know what can of agreement should we use to do this legal and so we will be able to get insurance on the vehicle. Any information you can give would be greatly appreciated. Thanks!

 

[racer72]

Texas

Hi,
My wife and I have a friend who is wanting to get rid of there car and wanting us to take over payments on it. We have agreed on the payment amount, and selling price. Just need to know what can of agreement should we use to do this legal and so we will be able to get insurance on the vehicle. Any information you can give would be greatly appreciated. Thanks!

Verify with the creditor hold lien on the vehicle that they will approve this. In most cases, the debt owed on a vehicle cannot be reassigned. The only truly legal way for you to buy the vehicle would be to obtain your own financing, pay off the outstanding balance, pay your friend the rest and you know the car is yours, not someone else's. What you propose often results in folks coming to these forums and wanting to know what they can to do legally to a former friend.

 

[Zigner]

Texas

Hi,
My wife and I have a friend who is wanting to get rid of there car and wanting us to take over payments on it. We have agreed on the payment amount, and selling price. Just need to know what can of agreement should we use to do this legal and so we will be able to get insurance on the vehicle. Any information you can give would be greatly appreciated. Thanks!

Your "friend" would be violating HIS contract with the seller. What SHOULD happen is that you get your own loan for the car.