Can Anyone Take Over Payments on a Car Loan? #suv


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Can Anyone Take Over Payments on a Car Loan?

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Modify or Get a New Car Loan

As personal finance website Financial Web notes, you can take two different paths in handing over your car — and the loan payments that go with it — to a different party. One path may be more beneficial than another for you or the new borrower.

Modified loan. With this route, you contact your lender and say you are selling your car to someone else. Subject to the lender’s approval of the new person’s creditworthiness, the loan is rewritten with the new person as the borrower. You might have to pay additional processing fees and an early payoff charge, so go over the figures with your lender and, if necessary, consult with your attorney about the legal ramifications.

Tip

Loans.org recommends requesting that the lender confirm in writing that the obligation of the loan has been transferred.

Private party or person-to-person auto loan. To obtain this type of loan, you must follow a similar loan process as for a dealership loan, except you are dealing with lenders who specialize in private loans to finance the purchase of used cars from private owners. Websites such as CarLoan2 offer a centralized service where you can compare quotes from different private party lenders. Loan rates tend to be higher for this type of loan than conventional loans; however, interest rates also depend on the borrower’s credit.

Meet Car Loan Requirements

While the logistics of the new borrower acquiring a new loan may not seem to be your responsibility, the ability of the new owner to obtain a loan impacts how quickly you can get out of your own loan. Furthermore, if the new owner is a family member who may not be financially ready to pay down a large debt, the new car loan could impose undue hardship on him. So the new borrower must have financial means and equal or better credit than you do.

The new borrower should be able to meet these standard car loan requirements by furnishing the following documents:

  • Proof of residence
  • Proof of identity
  • Proof of income
  • Proof of insurance

Additionally, the new borrower needs:

  • Credit rating — preferably a good one, to obtain the lowest interest rates
  • Down payment

Once you secure a new or modified loan, you and the new owner must appear at a Department of Motor Vehicles office with your drivers’ licenses to change the title on the car to reflect the new ownership. Write up a bill of sale to facilitate this process.

Tip

Once you’ve transferred ownership, cancel your existing car insurance policy with your insurance company. The new owner should obtain his own insurance for the car. If you will continue to drive the car, the new owner should add you to his policy.


Lease Calculator for Car Lease Payments. #custom #auto #accessories


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Car Lease Calculator Explanation

A lease calculator is important when leasing a car for a number of reasons. First, it allows consumers to verify the correctness of a car dealer s math in a lease offer or lease contract. We are often asked what s wrong with our calculator when the results don t match a dealer s. If the numbers entered into the calculator are exactly the same as the numbers used by a dealer in his calculations, the results will be exactly the same, down to the penny. Our car lease payment calculator uses the same industry-standard lease formula that dealers and lease finance companies use.

Second, a car lease calculator allows consumers to determine how much car they can afford to lease. based on working backward with the results. Plug in some values for MSRP and Cap Cost, with reasonable values for Cap Cost Reduction, Residual Value, and Money Factor, and see if the resulting monthly payment is one that you can afford. If not, go back and reduce MSRP and Cap Cost as many times as it takes to get the monthly lease payment within your budget.

Third, a lease calculator can help you prepare for visiting a dealer to discuss a possible lease deal. Dealers like to discuss monthly payment, not lease price. Although you can force the discussion to focus on price, you must understand how price is going to affect monthly payment. A car lease calculator helps you do that.  In that sense, it s a great educational tool as well as a great aid for preparing to lease. Once you understand how the math of a lease works, by using the calculator, you ll be better prepared to negotiate and handle lease deal discussions.

Finally, being able to manipulate the factors of a lease, such as Money Factor, Residual Percentage, Term, and down payment (Cap Cost Reduction), you can determine the effects of changing lease variables. For example, you can see the significant effect of making a down payment — much more significant that with a car loan. And how choosing to lease a car with a higher Residual Percentage lowers monthly payment. And how having a good credit score creates a lower monthly payment — because you qualify for a lower Money Factor.

Possible misspelled search terms: leese calculater, car leasing calulater, calulator, leesing, caculator, calculatr, or car least calculator, auto leese calculator


Honda Cars Mobile Site: Estimate Payments #auto #bill #of #sale


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[1] MSRP excluding tax, license, registration, $835.00 destination charge and options. Dealer prices may vary.

[2] MSRP excluding tax, license, registration, $900.00 destination charge and options. Dealer prices may vary.

[3] Subject to limited availability through September 2014 to residents of CA, OR, MA, RI, CT, NY, NJ, and MD on approved credit through American Honda Finance Corp. Closed end lease for 2014 Honda Fit EV for well-qualified lessees. Not all applicants will qualify. No purchase option at lease end. MSRP $37,415 (includes destination). Excludes tax, title, license, fees, registration, options and insurance. Total monthly payments $9,324. Lessee responsible for non-routine maintenance and excessive wear/tear. Lease includes collision coverage, routine maintenance, roadside assistance, unlimited mileage, and navigation system updates. Total due at lease signing is $259 plus tax and title and includes first month’s payment. Please see your authorized Fit EV dealer for complete details. For lessees who elect to install 240-volt charging equipment in their home, the charging equipment (hardware only) will be provided by Honda, the lessee remains responsible for installation and installation materials.


Car Payment Calculator, Monthly Car Payment Calculator, New Car Payments Calculator, Car Payment calculation, Estimate car payments #trucks #for #sale


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Car Payment Calculator, Monthly Car Payment Calculators

BEFORE YOU PURCHASE YOUR CAR, PLEASE CONSIDER THESE TIPS

#1 CAR BUYING TIP: Compare quotes and lock in the lowest prices! Find & Compare Used or New Car Quotes Now at Edmunds.com!

#2 CAR BUYING TIP: Never overpay again! See what other’s are paying for that car that you want on TrueCar.com . See what others are paying now!

#3 CAR BUYING TIP: Buying a used car? Purchase that used car with confidence. Before you buy, AutoCheck® it and protect yourself from hidden problems. Get a AutoCheck® vehicle history report!

#4 CAR BUYING TIP: FICO scores are your credit rating. Wether it’s a car lease or a car loan. most lenders use FICO scores to determine the risk of lending to you. Lenders use FICO scores when deciding on applications for loans such as a new or used cars. The higher your FICO score the more leverage you have when negotiating car deals. Get Your Free Credit Score!


How do you make an agreement to take over car payments? #cars #worth


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Full Answer

Similar Questions

How many car payments can be missed before repossession?

In some states, the loan company can seize a car as soon as a payment is missed according to the Federal Trade Commission. The number of car payments that can be missed depends on the purchaser’s credit history and the loan company’s policy on repossession.

How do I make payments on a home equity loan online?

Many banks and financial services companies allow consumers to make payments on home equity loans online. Bank of America customers can log in online to use the Bill Pay service to pay home equity loans, states Bank of America.

How do you make bi-weekly mortgage payments?

To make bi-weekly mortgage payments, a borrower pays half of his monthly mortgage payment every 14 days instead of the full mortgage payment once per month. Borrowers can pay their mortgages this way by mail, online or through automatic bill-payment systems. Because there are 52 weeks in a year, bi-weekly payments result in 26 half-mortgage payments, the equivalent to 13 monthly mortgage payments.

How do you make credit card payments to JCPenney?


Vehicle Personal Property Taxes – Taxes – Payments #malaga #car #hire


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Vehicle Personal Property Taxes

2015 Vehicle Personal Property Notices

The 2015 Vehicle Personal Property notices have been mailed. The notices show the information we have on record for vehicles you own.

Note: leased vehicles and vehicles added after March 1, 2015 are not included in these notices.

Verify the information is correct and complete. If the vehicle information, your name and address, and your exempt designation are complete and accurate, you do not need to do anything. If there are inaccuracies or changes to the printed information, report them to our office on or before May 1, 2015, to avoid being taxed incorrectly.

To report inaccuracies or changes to our office, please do one of the following:

Vehicle Personal Property Taxes

All cities and counties in Virginia have a personal property tax which helps fund local government. For Arlington County residents, the tax is assessed on all motor vehicles that are garaged (regularly parked) overnight in Arlington County, including:

  • Trailers
  • Motor Scooters
  • Semitrailers
  • Boats
  • Aircraft

The tax also applies to vehicles that:

  • Do not display Virginia license plates (these vehicles may also be required to pay an annual fee )
  • Are inoperable
  • Are temporarily absent from Arlington (removed for a short period with the intent to return)

Vehicles are also required to display a county decal .

Vehicle Personal Property Tax Exemptions

Military Exemption

The Servicemembers’ Civil Relief Act  exempts active duty military  personnel from personal property tax in any state other than their legal state of residence.  Therefore, vehicles titled in an active duty non-resident military person’s name(s) will be exempt as long as each owner furnishes a Leave Earnings Statement (LES) for the period of situs (physical presence in this locality/state).

To apply for this exemption, active duty members are asked to submit:

  • A completed  application
  • A copy of the servicemember’s LES that corresponds to the month and year in which the vehicle was either moved into Arlington County or purchased

Spouses of military servicemembers may be eligible to be tax exempt on personal property registered in their names or titled jointly with their servicemember-spouse based on certain qualifying conditions provided in the federal “Military Spouses Residency Relief Act”.  To apply for exemption, the following documentation is required:

  • A copy of the LES for the active duty spouse as stated above
  • A copy of the non-military spouse’s military ID card (front back)
  • An affidavit from the non-military spouse attesting that he or she is ONLY stationed in Virginia in compliance with the military spouse’s orders
  • Proof of spouse’s legal state of residence or domicile (acceptable documentation includes a copy of a voter registration card, driver’s license [front back], or personal property tax bill)

Once approved, the Commissioner of Revenue will annually mail a Vehicle Personal Property Tax Notice indicating that an exemption has been provided. Any changes that might affect the active duty member’s exempt status must be reported at this time by returning the form, or contacting our office at 703-228-3135. In addition, the active duty member and/or qualified spouse may be asked to provide certain documentation annually as continuing proof of exemption.

Student Exemption

If you are a full-time student with a vehicle registered in a state that has personal property taxes and you are the sole owner of the vehicle, you may be exempt from Arlington County personal property taxes. To find out if you qualify please call the COR office at 703-228-3135 or visit the office at 2100 Clarendon Blvd, Suite 218.

Any motor vehicle owned by the State or any political subdivision or by the United States government may be exempt from Arlington County personal property taxes. To find out if you qualify please call the COR office at 703-228-3135 or visit the office at 2100 Clarendon Blvd, Suite 218.  

If you are a foreign diplomat and your vehicle is registered with the United States Department of State, you may be exempt from Arlington County personal property taxes. To find out if you qualify please call the COR office at 703-228-3135 or visit the office at 2100 Clarendon Blvd, Suite 218.  

Note: Under any circumstance, if your vehicle is leased, you do not qualify for personal property tax exemption.

Tax Assessments

The Commissioner of Revenue’s Personal Property Tax Division assesses all Arlington vehicle personal property taxes, based on:

  • The County Board’s set tax rate (for 2015, the tax rate has been set at $5.00 per $100 of assessed value).
  • Your vehicle’s value. (The Commissioner uses the Clean Loan value in the January [of the tax year] edition of the  “National Automobile Dealer s Association Used Car Guide” for vehicle assessments.)
  • The number of months your vehicle was located in Arlington.
  • The amount of tax relief your vehicle is provided.
  • The Code of Virginia and local ordinances.

For more information on tax assessments or vehicle personal property taxes, contact the Personal Property Tax Division:

  • Call Center. 703-228-3135
  • DMV Select Service Counter (Mon.-Fri. 8:30 a.m.-4:00 p.m.): 804-497-7100
  • Vehicle Personal Property Service Counter (Mon.-Fri. 8 a.m. 5 p.m.):

Commissioner of Revenue

Vehicle Personal Property Tax Division

2100 Clarendon Blvd. Suite 218


How to Take Over Car Payments When Buying a Used Car #repo #cars


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How to Take Over Car Payments When Buying a Used Car

One can take over car payments or assume a car loan. It is a good idea for an individual who doesn’t have the upfront cash or money for a car. This article will show you how you can take over the loan.

Tools and Supplies Needed

  • Car Title
  • Proof of Income
  • Proof of Residence
  • ID/Drivers License

Step 1: Contact Loan Company

Contact your loan company and find out what will be required for the process before you go and begin it. In many instances, you will be required a down payment. So be prepared for that as a requirement and find out how much it should be before you pay it. This way you can be sure you have the money ahead a time.

Check your credit and FICO score before you go in. They will likely run a credit check on you, and you want to make sure it is in good standing. Otherwise, your interest rate may change than want the previous owner held. So be sure to find out what it is and know what to expect when you sign over the car payments.

Much like a regular loan, you will need to be “approved” before you can sign the paperwork and make a payment schedule. So that can take up to a week or two, though some do have instant results. That will depend on the credit company and how they work.


Honda Cars Mobile Site: Estimate Payments


#car financing calculator
#

[1] MSRP excluding tax, license, registration, $835.00 destination charge and options. Dealer prices may vary.

[2] MSRP excluding tax, license, registration, $900.00 destination charge and options. Dealer prices may vary.

[3] Subject to limited availability through September 2014 to residents of CA, OR, MA, RI, CT, NY, NJ, and MD on approved credit through American Honda Finance Corp. Closed end lease for 2014 Honda Fit EV for well-qualified lessees. Not all applicants will qualify. No purchase option at lease end. MSRP $37,415 (includes destination). Excludes tax, title, license, fees, registration, options and insurance. Total monthly payments $9,324. Lessee responsible for non-routine maintenance and excessive wear/tear. Lease includes collision coverage, routine maintenance, roadside assistance, unlimited mileage, and navigation system updates. Total due at lease signing is $259 plus tax and title and includes first month’s payment. Please see your authorized Fit EV dealer for complete details. For lessees who elect to install 240-volt charging equipment in their home, the charging equipment (hardware only) will be provided by Honda, the lessee remains responsible for installation and installation materials.


Swap a Lease: How to Take Over Car Lease Payments


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Swap a Lease: How to Take Over Car Lease Payments

October 14, 2013

If you are looking to swap a lease. then you may be wondering how to go about it. It can be a very daunting process for those who have never done it before, so take the time to be prepared and learn the steps you will have to complete in order to take over car lease agreements from someone else. This option is a pain-free process where you can assume the payments of an existing lease for the period of time left on the lease. This is commonly referred to as a short term lease. The length of time can be for 6 to 18 months.

Whatever your reasons for wanting to take over the lease, the process will be very similar, so don’t think that just because you want to take over someone’s car lease for a different reasons than those of others that you will not have to go through the same steps.

Take Over a Car Lease: A Step by Step Walkthrough

A take-over of a car lease could be beneficial to both you and the dealer who is looking to move inventory off their lots. Their desire to deal may prove to be a tremendous opportunity for you to reach terms that are mutually beneficial. Here are some steps to follow:

Review the Lease Terms

Before entering into the lease arrangement, you should review the terms of the lease with the dealer. Understanding any mileage caps and other usage limitations up front are important in determining whether the car will meet your driving needs.

Any details in the lease or terms that are unclear to you should be reviewed and clarified with the dealer. If necessary, consult a trusted advisor or other third party to clear up any lease terms.

Have the Seller Contact the Company

It is always better to have the seller of the lease contact the lease company themselves and notify them of your intent to take over the lease.

Inspect the Car

You should conduct a thorough inspection of the vehicle after you have read the lease terms. Look for any hidden damage or cover-up that may have been done to any part of the car. Ask for a vehicle inspection report. If the dealer is unable to provide this, take the vehicle identification number or VIN and request a free car history report online.

The VIN appears either on the back taillight or in the front dash and is 17 characters. The VIN does not include the letter I, O or Q; if you encounter these characters or less than 17 characters, the VIN has been altered and you should not take possession of the vehicle.

Negotiate the Remaining Lease Terms

A take-over of a lease for a car can be a good opportunity to get the vehicle you want. Be cautious in your selection process to ensure that you are getting what you want and that there are no hidden problems that could create an adverse situation for you.


Take over car payments


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take over car payments

Satisfied Customers: 20012

Experience: Attorney & Certified Mediator

replied 6 years ago.

To take over car payments you would need to have the lender accept you as the new borrower. There is no proper form for this. If the question is how to write an agreement so that the family member complies with the terms, there are no forms for this. It is essentially a written agreement where you both set forth the terms of your agreement.

Such as the following sample:

AGREEMENT

THIS AGREEMENT, made this_____day of__________, 20____. by and between_______________ and ___________________.

It is agreed that _______________ will take over car payments from ________________, regarding vehicle _____________.

[Family member]_________________, agrees to transfer ownership rights to ____________________ upon completion of full payment.

In the event that [family member] does not perform their part of the agreement, then ________________________.

Etc.

Dated: _________________, Signed ___________________

This is only a sample and you can edit to fit your own needs.

_______________________________________________

Please Note: My answer or reply is limited to your facts presented and additional information you post may not come in after my reply or answer has posted, if this has occurred please let me know and I will answer further. Due to site tech reasons, oftentimes I am initially only able to see the first part of your post, so this may result in more interactions between us. There might also be a delay in my reply or answers, as I may be helping other customers, or called away from my office or have logged off. Please be assured your question(s) will be answered promptly.

Legal Disclaimer. The information given by me is not legal advice. I am not establishing an attorney-client relationship with you. I am providing only research, resources and information only for you to be informed and educated about your particular needs and my answer is limited to the facts presented. You are only paying me for such information given. No part of this disclaimer can be copied or reproduced without the express consent of the owner [lawNinvest]. Thank you.