if my parents buy a car can i just take over payments but have the car in my name?

Question

if my parents purchased a car and want to sell it to me can i just keep their existing financing but transfer it to my name?

$1,539,684,631,121 Clinton Debt · Accepted Answer

NOPE, NOT possible.  Yes, taking over payment is illegal and it violates nearly everything your parents have agreed with the bank.  You are much better getting a new loan in your name and have your parents co-sign on the loan.

Rob R · Answer

Another stupid question.  If it were that easy, wouldn't EVERYONE with sh!tty credit just go have someone else finance a car for them, then just transfer the loan over?  Think about a question before you ask...does that make sense to you now?  What are you..12?  Come on kid.

Scott H · Answer

Nope. Taking over payments is illegal. The car will remain in your parents name until the loan is paid in full. Once the lien is released, then you can transfer ownership.

Joseph · Answer

They can't sell the car to anyone unless the existing loan is completely paid off.

So the answer is "no", sorry.

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if my parents buy a car can i just take over payments but have the car in my name?

4 Answers