DB350

Way back when when I first picked up my z (~6 months ago ), I hadn't looked at prices etc, and wound up paying a stupid amount for it. I put it on a local site, similar to craigslist, just to see if anyone would be interested in taking over the payments. Had a guy email me from out of province, and he says he's pretty interested and coming down to my city the coming weekend, and he may be able to take it home with him, depending on the paperwork. This seems super to me, as I could get out of my stupid financial situation with this, and hop into a TT or 07/08 come spring, for waaay less. My concern is transferring the loan etc, and having this guy complain a little ways down the road the car is a piece, etc. despite being babied, and i get screwed back with it.

What do you guys think? its only a stock 03 btw

SatchScream

iTrader: (1)

I'm confused as to how you'd get a boosted HR for "waaay less" than what you're paying for your stock 03...

How badly did you get F'd in the A on your 03?

DB350

230 biweekly for 5 years.

you asked.

and i meant a turboed 03 - 06 OR an hr

ZRated67

iTrader: (5)

Is the car being transferred to him through a bank, or is he just going to make payments to you, and then you pay the bank?

If it's the second way, I'd say no way.

DB350

it would definately be through the bank

ZRated67

iTrader: (5)

Once it's signed and done....it's done. If it breaks down in two weeks, it ain't your problem.

KornerCarver

iTrader: (2)

That guy is going to have to have an awfully good credit rating. If I understand what you said, you have had the Z for 6 months. The total amount of the loan in the beginning was $29900. You have paid approximately $2990 leaving a loan balance of $26910.00. I suspect he is going to have to have a pretty big down payment in order to get the loan on a car that is now 6 years old. Banks usually don't let people "take over the payments". They want to start a new loan for the new customer. Trust me, they make a lot more money doing it that way.

scotts300

iTrader: (46)

What does taking over your payments have to do with him buying the car from you? How much is your payoff?

ironx

iTrader: (1)

..

id say go through the bank which bank much safer sucks only other z on this forum from Sask that i know of is getting rid of his car that sucks hope you get another one

DB350

So the guy would have to get a loan from his bank of choice, to pay off my loan so he can get the title, etc correct?

I thought I could just transfer the payments to him, but after doing a little research that wouldn't work because me and the bank have an agreement, and I can't just pass it off to someone else, because the bank still has to get their money from me.

DB350

Hell, I might just suck it up and pay for this, who knows.

But if this does go through, in spring I will be getting another one.

cameronw

iTrader: (2)

the way i understand it is that he would have to either put up cash for your payoff or refinance it through the bank of his choice for the amount of your payoff...

Either way your bank has to have the payoff paid before anything is going to happen...

mcarther101

iTrader: (8)

I bought my Z off someone who had a lien on it still. I had to get a used car loan of my own, and use that to pay the seller, and the lien-holder as well.

This guy can do just what I did. Have him take out a used car loan, possibly with the same bank that has a lien on the vehicle currently (to smooth out the transaction and deal with as few parties as possible), and have him use that loan to pay off your lien. Make sure this is all accompanied with the necessary bill of sale DMV paperwork stuff.

Once that is done, the bank who owns the Z should send him the pinkslip. If he used a loan to buy it, he'll have to register the car with the DMV as having a lien on the vehicle, and then the bank will probably require him to send the pinkslip back to them.

It's slightly complicated, and takes some time to get the pinkslip from party to party, but can work out.

davidv

iTrader: (2)

You are in over your head, and plan on a TT (don't know what that is) or 07/08 (07/08 what?) next month. Spring begins in March. Sounds like a plan, but unless there is some unknown facts, its a poor plan.

"Taking over payments" is a red flag for “I owe more than the car is worth.” Besides the phrase "taking over payments" is a misnomer. The buyer will have to sit with the lien holder, and negotiate a loan. If the buyer is approved, a title will be issued in the buyers name. If the buyer is disapproved your are back to square one.

Good luck.

davidv

iTrader: (2)

That is the numbers I get:

130 payments of $230 and you have paid 12 leaving 118 x $230 or $27,140. $27,140 for a 2003? How is this possible and who is going to pay $27,140 for a 2003?

Motormouth

iTrader: (44)

troll

davidv

iTrader: (2)

Correct. The loan must be paid in full “before” the title is transferred.

Jay'Z

iTrader: (118)

He did say he got *** raped.....

davidv

iTrader: (2)

7 days ago we were trading the 350Z for a Avalanche.

https://my350z.com/forum/other-vehic...avalanche.html

This is silly. I am out of here.

scotts300

iTrader: (46)

That would be the amount with interest, so that interest rate would determine how much his base loan was, OR, he could just tell us the current payoff. It's not 118 x $230.