Private party sale and new car purchase

[Zahnrosen]

Could this be done with Capital One Auto Finance as the lienholder? Do they have a local office I could do the sale at?

[clocktick]

I'm pretty sure you can do this over the phone and they'll take care of the paperwork and anything else.  I'd definitely give them a call beforehand.

[clocktick]

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@daisyduke wrote:

Hey Clocktick,

I just learned last night this can be done, that you can buy a car with a lien on it.... I had no idea until a friend of mine said the best deal for me on a car would be to try to find someone who can't make the payments.... struggling to pay...bought a car they cannot afford...

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I read about these people on Craigslist - people wanting to take over other's payments or vice versa.  I don't know too much about it.  I'd imagine there would be a credit check and it's almost like a refinance with a name change?  I really don't know.  I'm wondering how one would get a good deal of doing this as well.  More than likely the person who can't keep up with their payments owe more than the car's actually worth.  It would be worth looking into if it would really benefit you, the buyer. 

[daisyduke]

thanks clocktick, that idea lasted about twenty seconds. i plan to buy from a reputable dealer and call it a day. I can't deal with craigslist. too scary too many unknowns. if people cant make their payments, they probably can't maintain properly either.

[Zahnrosen]

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@daisyduke wrote:
thanks clocktick, that idea lasted about twenty seconds. i plan to buy from a reputable dealer and call it a day. I can't deal with craigslist. too scary too many unknowns. if people cant make their payments, they probably can't maintain properly either.

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I think your missing the point. I'm interested in selling this car but it has nothing to do with not being able to make the payments. I'm buying a newer, nicer car. So, the car has been well maintained and I've taken good care of it. So, I'm sure there are some sellers who'd want you to assume the payments on something they can't afford but thats not me.

[daisyduke]

Zahn,

No, I'm sorry for this. the question was not directed at your situation. I was asking a friend of mine if i could buy a vehicle that had a loan on it - so i posted the answer is yes, I don't know how but yes it can be done... I should not have hi jacked your post...because I was stating that my friend said I SHOULD buy a car from someone that is in over their head with the payments and that would be a good deal. I"m sorry about the misunderstanding. There were seperate issues altogether....