Help selling a vehicle - Take over payments or sell outright?

[AF-s10]

I am hoping someone on here has done this before and can help me out. I moved recently, and I am 10 times closer to my work, and realized I can ride a bike into work everyday, and I am going to get rid of my truck.



My question is, I have heard of people selling their vehicles as take over payments. What is this, and how do I get my name off the loan and not end up responsible if the person buying it doesn\'t make the payments?



Which is a better option, to take over payments, or to get my current balance on my truck and just sell it for that?



Any help would be greatly appreciated, hopefully a month or two after the truck is gone, I can start looking for an s10 just in case I need to drive to work http://www.s10v8.com/images/smilies/icon_biggrin.gif

[spacecadet]

I have never been in that situation before, But... I suggest contacting your loan company. You need to find out if that is an option on your loan agreement.

there may be issues or consquense if not done properly.

Space.

[305v8s10]

if someone takes over payments then what happens is if they dont make one its on you. what needs to happen is if you have a buyer you either sell it for the payoff price they get another loan for the payoff amount or give you cash, or your finance company finances them. what ever the deal make sure your name is off of it. contact your finance company and they will help you further. i cannot stress enough though make sure your name is NO WHERE ON THE TRUCK when you sell it.

[RE-KLUSE]

the loan company should help you through the process.i have done this twice before..its easy as long as your loan company will work with ya.finding out the balance of the loan would be your first step.when you find a potential buyer just explain the options to them.they can either take over payments,or purchase at the remaining loan amount.they will have to go with you to your loan company to finalize the sale....the loan company should help you with all of this.it would not hurt to give them a call,or visit just to make sure you can do this.ive never had a problem when i was dealing with a bank.

[ZR1BLAZER]

i didnt read everyone full posts, but what happens is the person that wants to buy your truck has to assume your loan. they themselves have to finance the truck and meet the requirements set fourth buy the bank, finance company or where ever they barrow the money. so if the truck is worth lets say $9000 and you owe $12000 and you are $3000 upside down then they will finace the $12000 and have to put about $3000-$4000 down on the truck. its no different then buying from a used car lot. if your not upside down in it and your pay off (with out intrest) is $10000 and the trucks worth $9000 (blue book) then they would have to put $1000 down. but all that is set by the institution that they barrow the money from. so if your upside down in that truck forget about it. if not then just put it up for sell.