Need Advice ASAP !

Heatherdd

New Member
Jurisdiction
North Carolina
Okay. I just got a new car in June. I had made a post on here not too long ago seeking advice on how I could possibly get out of being responsible for the car since I'm unable to afford the payments , especially since I am getting laid off. Well I posted an ad on Craigslist seeking someone to take over the payments. It took a while before anyone contacted me about it but I have been talking to a potential "buyer" since yesterday about a rather risky opportunity.

He offered to take over the payments, and the car stay in my name until he is able to get a loan to get It to transferred to him. He says his credit is so bad that he is not able to get a loan because of a 30, 000 loan he got for a car with his ex wife. After getting a divorce he was no longer able to make payments and it got taken away.

He has offered to write up a contract, with whatever terms I'm comfortable with and with anything I wish to include and then getting it notarized. He has shown me proof of employment with his check stubs, showed me his drivers license, birth certificate, business card, and letters of recommendation from previous employers ( he sent a packet that he sends to employers when he was looking for a job). All the information in these documents match everything he has told me, his name matches, etc. He wants to pay me until his credit is good enough for him to get a loan to get it transfered. One thing I'm concerned about is how much money he makes. He makes 60, 000 a year and his check stubs DO reflect that. If someone has that much money, even with bad credit, couldn't they still get a loan? And also, if he has that much money, shouldn't he be able to buy a car off of Craigslist and not have to go through all the trouble with me and have no need for a loan? When I asked him this he said that when you have bad credit you have to make a large down payment. He said that his money goes to a lot of bills, which is understandable, but... 65, 000 a year? My credit score was 0 when I got the loan for my car. He also said he will pay the insurance.

What are your thoughts? I have attached a rough draft of the contract he sent me(I have marked out our names). If he is willing to get this contract notarized, show me his check stubs, license, birth certificate, business card, and letters of Recommendation, how could this be a trap? He even showed me proof of his ex marriage. I honestly don't think he is trying to defraud me, he even said I would be able to take him to court if something happened and that even our emails can be considered as a form of a contract. His name matches everything he has shown me. Would any of you do this or consider it if you were no longer able to make your car payment? If so, would you add anything to the contract?
 

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Don't do it.... You are just going to get deeper into a problem. If he fails to keep insurance you're still stuck with the loan. If he fails to make payments you're still stuck with the payment. If he parts out the car (selling pieces of it) you're still stuck with the payments. Even if you have a written contract. Then sue him in court get a judgement against him. The chances of collecting the judgement will be 0. You will not be able to sue him in small claims court because the dollar amount will be over what small claims court will handle. The best thing to do is talk with the dealership. Ask them to help resell the car for you. The reason he can't get a loan vs where you were able to is simple. You were a risk without having defaulted on previous loans. He on the other hand is a nightmare loan. Because he has been given a loan and made a choice NOT to pay them off. You think the deal your doing with him is special?? You think that he wouldn't screw you over like he did with all the loans that he has failed to pay? You are not special to him.... he will screw you over like all the others he has done. Good luck but please don't be stupid.
 
Well that's the conversation we just had ( I'm the H he's the J) I guess you are right. He just responded and thinks I said prove it to him saying he wasn't a criminal but I was talking about him proving why he's going to GA.


I was really hoping this was legit and that it would work out. What am I supposed to do? I can't make the payments and am getting laid off.
 

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I'm just confused as to why he would show me all the private information and all the proof if he wasn't serious about it. That's what's getting me the most. I don't understand why he would be willing to show me all that plus get a contract notarized
 
Not a good idea.
If he fails to pay you are still responsible and you won't even have the car.
If the car is damaged it will be your damaged car.
If he fails to maintain insurance you won't know until it is too late.
There is a reason his credit is bad- he isn't honoring his commitments.
He may have good intentions, but this is incredibly risky for you
 
I'm just confused as to why he would show me all the private information and all the proof if he wasn't serious about it. That's what's getting me the most. I don't understand why he would be willing to show me all that plus get a contract notarized

The notary has no practical purpose here. It doesn't ensure that the deal is honored. If anything it ensures you have the correct identity of the person to try and sue when things go wrong, but good luck finding him or your car when that day comes. He has shown you lots of information but have you taken steps to verify any of it?
 
Wow he backed out because I won't make a deal before Saturday! He said he won't be able to afford a rental car and the August car payment and that it would need to be done before Saturday. OK why not wait until next month if you ACTUALLY wanted it? Lying ass. Thanks for the advice.
 
Well that's the conversation we just had ( I'm the H he's the J) I guess you are right. He just responded and thinks I said prove it to him saying he wasn't a criminal but I was talking about him proving why he's going to GA.


I was really hoping this was legit and that it would work out. What am I supposed to do? I can't make the payments and am getting laid off.


Talk to a bankruptcy lawyer.

Once you've done that, you can investigate filing a bankruptcy "pro se", which makes the bankruptcy that much easier to afford.
 
Wow he backed out because I won't make a deal before Saturday! He said he won't be able to afford a rental car and the August car payment and that it would need to be done before Saturday. OK why not wait until next month if you ACTUALLY wanted it? Lying ass. Thanks for the advice.

It's not just him that's the problem.

It's the inherent risk in any "take over payments" deal.

If your brother or parent donated a kidney to save your life and then offered you a "take over payments" deal I would still say don't do it. That's how dangerous it is.
 
It's not just him that's the problem.

It's the inherent risk in any "take over payments" deal.

If your brother or parent donated a kidney to save your life and then offered you a "take over payments" deal I would still say don't do it. That's how dangerous it is.

You are correct.

I'll add that anyone offering to "assume your payments" is as desperate as the person seeking "help".

When any doubts arise about doing something, you're generally better off NOT doing it.
 
Well I already told you don't let anyone take over the payments. Guess that wasn't clear enough. DON'T DO IT!!! You will create an enormous nightmare for yourself.
 
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