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Christian Living

Finance

Dave Says: Taking Over Car Payments

Dave Says

Dear Dave,
I’m trying to get out of debt, and I want to get rid of my car. I’m thinking about putting an ad in the local paper asking for someone to take over the payments. I’m not upside down on the car, but the finance company won’t allow another name on the note. Is this a good idea?
- David

Dear David,
No, this is not a good idea. It’s like renting your car out to a stranger, and your name will still be on the note. If the “renter” stops paying, the finance company will come knocking on YOUR door!
The newspaper idea is a great start, though. People sell things in the paper because it works. List the car at a fair price, and then use the money to pay off the debt and buy a little junker – just plain, no-frills transportation. Once you do that, you can begin saving to pay cash for a better car down the road.
But NEVER let someone else take over your payments!
- Dave

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