How to Assume Car Payments in Florida

The process for assuming car payments for another person mirrors the process for purchasing a used car and financing the balance of the cost. In Florida, the private seller is not bound by law to disclose the same Buyer's Guide required of car dealerships, nor are they obligated to provide any implied warranties. Buyers who seek an assumption of payments will need to do their own research on the vehicle and secure an independent inspection and warranty prior to purchasing the vehicle.

Instructions

1

Contact the financial institution financing the car to determine the remaining balance owed by the current owner.

2

Choose a bank or financing company to finance the balance owed. Provide the pertinent information about the car to the prospective lender. The information should include the make and model of the car as well as the mileage and condition of the car. The vehicle identification number will be sufficient in identifying the vehicle make and model. You will have to record and submit the condition and mileage of the vehicle.

3

Apply for an auto finance loan from the financial institution you have chosen. Disclose your income, other debt and Social Security number to obtain a credit history report for review by the bank or lender. You will also be required to furnish evidence of your financial stability. Stability is expressed by the time you have been employed by your current employer and length of time you have resided in your home or apartment.

4

Choose among the terms available for the loan amount, including monthly payments, payment options such as automatic electronic transfer and length of the payment in number of months. Approval will be determined by your credit worthiness and ability to pay, as will the available terms including interest rates available.

5

Purchase a vehicle history report to review any past accidents and other maintenance issues related to the car you are purchasing. The seller is not bound by Florida law to furnish the report or a Buyer's Guide before selling the vehicle to you according to the Office of the Florida Attorney General.

6

Secure any relative warranties on the car in writing as the individual for whom you are assuming payments is not obligated by Florida law to provide you with any such guarantee.