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I put my car on craigslist for sale, and I get a call from a guy (local number) wondering if he could take over the payments. He said evrything would be transferred into his name. This sound legit? I'm asking around payoff anyway. What's the difference of him just getting a loan and purchasing it? Thanks!
 

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I don't think this is a question of legality, the decision should be up to the finance company. I know for a fact not all finance companies accept this, believe it or not. If you got a loan from Honda, and they say no it cannot be transferred, then he'd have to get his own loan. But if you're asking in terms of whether this is an act of fraud or scam, it should be fine as long as it gets transferred into his name.
 

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Yeah, consider his credit is horrible... Honda isn't going to let you sell him the car (take over pmts) when his credit is bad.
 

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even if they do, honda requires the original financier still be co-signed to the debt. so if he defaults your credit is bye bye.

just tell him the truth, which is Honda financial services doesnt allow this. that is of course if youve financed through honda.
 

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Yeah, I mean if he had the $$ to buy it, what's stopping him from taking out a loan in his name and paying it in full?

I'm thinkin this guy doesn't have the credit for the loan or doesn't have the $$ to buy the car.
 

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Sounds a little fishy to me. I once almost took over payments on my buddy's GSXR, but that was like $70/month and we both banked with the same bank (who the loan was also through.) I decided against it. (I'd kill myself.)

If I'm not mistaken (and like mentioned above), you'd more than likely be stuck as the co-signer on the loan, so you're screwed if he defaults.
 
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