My wife saw an add on a local station (probably a Sacramento station) from a company that buys out Auto loans. Something about showing up, handing over you car keys, signing a few things, and thats it. Your done. No dings on your credit report, and your out of your car loan. Now she can't remember the name of the company. We've been watching for a while now, but have yet to see the ad again. It was on during the daytime, during her soaps (not sure which ones). This deal sounds a little fishy and I wanted to investegate it a little more. If anyone out there has heard off them, or has seen the add, please let me know. I'm starting to think that this was just an add from a dealership though, one of the classic "We'll pay off any loan or lease to get you in a new car today!" deals. Oh well. Any help?

 

Sonic Suby sent me that link when I was going through my whole repo dilema. PM him. I can't remember what the deal was with it, but I did do a little research. Unfortunetally I can't remember neither jack nor **** about it.

 

PM sent. Thanks.

 

damn, i don't remember what that place is called. I called them a few months ago about my wifes car. what they do is keep you as the registered owner of the car, and sub-lease it out to somebody else. they give you a cashiers check every month to cover your payment. the downside, somebody else is driving a car that legally belongs to you. it stays on your credit.

 

That's a BIG downside. Interesting and original idea though.

-Chris

 

www.takeovercar.com

 

That seems to only cover leased vehicles. Has anybody heard of doing this with a purchased vehicle your still paying? Trying to find an easier way out of my VW besides trading it in (worthless) or selling it privatly (more hassle than it's worth).
Also, I belive there was something in the televised add about them actually buying out you loan or lease, which would leave me to belive it's not a glorified rental service.

 

Maybe I should have this moved to the Sac forum.....

 

they will do the same with a purchase car as long as you're still making payments.

 

I had the chance to do this a while ago, my loan company called it a "Transfer of Equity". I would basiclly have someone fill out a credit check form, send it in and if they pased they would be added to the car loan. My wife and I would have become co-signers. The bill would get mailed to him, but if he didn't pay, it would be up to us to cover any fees and the bill.