How to Let Someone Take Over Your Auto Loan

If you want to sell a vehicle and you are still making payments on the car loan, you can do so. You just need to find someone who is willing to take over your monthly payments. To do this, you need to have the person submit a credit application and legally take over your auto loan. This releases you from liability for the vehicle and makes the other person the legally responsible party for it. Not all auto loan companies let someone take over an auto loan. For those that do, the process is the same.

Instructions

1

Get the contact number for the auto loan company from one of your loan statements or your loan paperwork.

2

Call the auto loan customer service phone number in the presence of the potential new owner. You need to have the potential owner with you because the loan company will not allow you to give the other person's information for the credit file.

3

Let the representative know that you are calling to inquire about having someone else take over the auto loan from you. Give the representative the auto loan account number and grant account access to the potential owner for the phone call. You must do this to give the auto loan company permission to discuss your account with the potential owner during the call. Otherwise, the loan company can discuss the account only with you.

4

Give the phone to the potential owner. The representative will ask for that person's name, address, phone number, date of birth, Social Security number and work information so a credit report can be run. To take over an auto loan, the potential owner must be able to meet the same credit requirements that applied to you. The credit requirements vary by loan and by lender.

5

Wait for the new loan agreement to arrive by mail at the potential owner's home. Once the potential owner sends back the loan agreement and proof of insurance, the car is no longer your legal responsibility.