take over payments?

Avatar for windryderm
iVillage Member
Registered: 03-26-2003
take over payments?
3
Wed, 06-08-2005 - 12:15pm
I am thinking about getting rid of my car since it costs $300 for car payment each month and another $113 for car insurance per month. If we sold the car outright, we would still be several thousand in the red, so I was thinking about having whoever buys the car just take over payments. How does that work? Would that get us out of the responsibility? I hate getting rid of the only car we have but we have to do something. My H tried yesterday to take our two big dogs to the animal shelter and they wanted $60 for each dog to be surrendered to them! (my H brought them back and we put an ad in the paper instead) Needless to say I am frustrated that everyone demands money from us when we don't have it! I am trying to get us above the drowning point not stay well below it! Anyone have any ideas? There is no way we could afford to just sell our car and owe the last of that loan and I am tired of the idiots from that company that keep calling me. Thanks
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Wed, 06-08-2005 - 12:20pm

Hi there - having someone take over payments is extremely risky stuff.

All my best,
Danni

iVillage Member
Registered: 02-14-2004
Wed, 06-08-2005 - 2:49pm
You may want to see if you can refinance the car. I don't know what interest rate you are paying, but the car refi companies usually run about 5.9. It would lower your payment plus you get to skip a month's car payment after the refi.
Avatar for windryderm
iVillage Member
Registered: 03-26-2003
Wed, 06-08-2005 - 3:06pm
thank you both for responding so quick. I had a feeling that it was too good to be true and it sounds like it is. Right now refinancing isn't an option. Our credit is so shot just from this juggling that started last october when my H lost his job. Before he lost his job, my credit rating was 759 and that was at teh end of September. Just a couple weeks ago, we checked into refinancing our mortgage and it has dropped to 554. I wish we could figure something out but until we somehow get more money coming in we are just stuck trying to continue juggling bills. Thanks