Can you tell me how to take over payments?

Answer by  technogeek (6640)

You can either make the payment to the person while they pay the creditor or you can have the owner inform the creditor that you will be the new owner.

Answer by  LPlatter (271)

Taking over payments is strongly discouraged because it puts you in a very vulnerable situation. Watch Judge Judy. Most lenders are unwilling to do this. I see postings on Craigslist all the time. If you're going to do it, make sure you draw up a contract, all parties sign it and changes made to the contract are documented and signed.

Answer by  tamarawilhite (17883)

This is when you send payments to someone's lender in return for use of the car. This is high risk as the car or house is still legally theirs.

Answer by  Christian9247 (5042)

Well it all depends what payments they are and who you are taking them over from. Basically you contact whoever you owe the payments too and sign them over to another name that will become responsible for those payments in a timely fashion.

Answer by  Abulia (16)

If you need someone to take over payments for you, and you are mentally disabled, you should ask your social worker or case manager for a list of qualified companies in your state that handle payments, he or she should be more than willing to handle it for you. If you are not mentally disabled, you should be able to google them on your own.

Answer by  bunkerhill (825)

First you will need to be approved for credit in order to take over payments or 'assume' a loan. Once approved the current debtor can sign over his loan papers to your name or sell you the item for 0 dollars and you can refinance the amount with your own loan company.