Termyn8or
Posts: 18681
Joined: 11/12/2005
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Those judge shows on TV are full of crap like this. The problem is that YOU are the one who signed on the dotted line. That car is your's and that is that. To setup a take over payments contract that will hold up is a bit complicated, it can be done but there is some personal liability involved. I would say chalk it up to living and learning.
To take over payments on a new car, first of all the responsibility will ALWAYS be your's, if the buyer can't pay, then you must. Also, special provisions must be made for any equity the buyer might accrue before defaulting. Insurance is another issue, you are going to have to insure yourself even if you no longer drive the car, in fact you will most likely have to insure the buyer. They will have to remit to you in most cases. Sometimes they can get a surety bond or something like that for simple liability, but if there is a loan on it they will have to pay you for the theft, collision and vandalism coverage, and only you can collect on that.
Most likely the payment will be as much for the buyer, or more, than it was for you if all your costs are to be replaced. The only people who will do this would be those who can't qualify for the credit to get it in the first place. At that point you are looking at the very real possibility that they will default on you, leaving you holding the bag so to speak.
There are also plenty of exclusion clauses in insurance contracts, so if they smash the car you could be REALLY holding the bag. People without good credit could be drug dealers, and the car could end up at a police auction with YOU still making the payments on it.
Depending on what state in which you live, a contract could be drawn up, and it could concievably go well, but that is the exception and the only way to do it it with a quite forceful contract, which many people with a brain might refuse to sign, unless you are willing to lose a bit of money.
For example it is required that you be covered on insurance for the car. Since you won't be driving it, why should the buyer pay for that ? I certainly wouldn't.
Sorry to say you are learning the hard way, right now. There is a bright side though, you learned on a car, not a house. If you think it sucks being without a car, think about being without a house.
Tell you what, I am not legal. I'll make the payment and you send me the car. If something happens I will call you and tell you to report it stolen. That is ironically the best deal you'll probably get.
Sorry that I don't have much encouraging to say, but the truth is the truth. But the education is priceless. You will think long and hard before signing your name next time won't you ?
Other than that, find more income.You said you like the car, well you only live once. Find a way then. I'll tell you a fast way to make money with a good reliable car, organ transportation. They give you stickers for the car that say that, and they load boxes with kidneys and whatnot in the back. You drive from one hospital to the next and get paid well for it. There may be other steps you can take to be able to afford it more comfortably, look into that. There is no quit claim on a car.
T
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legal junk. - 
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