Need Advice on Personal Vehicle
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  1. #1
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    Default Need Advice on Personal Vehicle

    Hello, I have a vehicle that I am currently upside on and am struggling to make payments on top of trying to get other finances in order. I currently listed the car online to sell and have a gotten a couple that would like to lease it for 6 months and transfer the vehicle into their name. They are unable to get a vehicle due to a repossession on their credit. This would help me out tremendously but I am not sure how to go about it since the vehicle is still in my name and payments are still being made. I am looking into contracts to draw up at the current moment. Advice??

  2. #2
    Registered User josantoro's Avatar
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    as long as it is in your name, you can be liable for fines, tickets, and damage due to accidents. I wouldn't do anything that kept the car in my name with someone else driving it.
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    Registered User Spirit Deer's Avatar
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    Run, don't walk, away from that deal. The first red flag is they can't get financing. That tells me they aren't likely to pay you.

    Agree you're on the hook for anything that happens in that car as long as you own it.

    You also have no guarantees these people wouldn't trash this car. Some people don't care if they mess stuff up, especially if it's not theirs. Ask any landlord.

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  5. #4
    Registered User Spirit Deer's Avatar
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    Also, it's a hassle, but go with any buyer to the DMV to change the title when you do sell it. Don't trust them to just let you sign off on the title and promise they will take care of it. Some people don't, and you may still be liable even if you've signed the title.

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    I agree, walk away...well I agree RUN. The red flags are flying up all over the place. The biggest one is that they can't get financing because they have a repossession. It takes quite a bit of non payment before that happens. So I wouldn't expect them to pay you to be honest.

    This also makes you liable if something were to happen in the vehicle. I'd keep trying to sell the vehicle out right.

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