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my neighbor and her husband asked me if i wanted to take over payments of their 2010 toyota corolla?

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Old 27 Oct 2010, 12:39 pm   #1 (permalink)
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Default my neighbor and her husband asked me if i wanted to take over payments of their 2010 toyota corolla?
It is in excellent condition with less than 15,000 miles. He is in the military and he has a 2010 truck that he pays 540 dollars for it and the corolla is 340 a month so he doesnt want 900 dollars worth of car payments and he know my husband and I have been searching for a new car. Does anyone know how this works, and what the process is?
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Old 27 Oct 2010, 12:54 pm   #2 (permalink)
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Honestly, you should just do it yourself from scratch. You will have a brand new car with zero miles and basically be paying the same or a little more.































15,000 miles on a 2010 car vs you getting a brand new car and basically paying the same each month.
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Old 27 Oct 2010, 01:09 pm   #3 (permalink)
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It's actually pretty simple. You're just transferring the title and the loan over to you. It can all be done by the same loan company that your neighbor is using. You could also opt to get your own financing and buy the car directly. Effectively, you'd be paying off their loan then starting your own loan as a new loan. Check to see which one make more sense, financially, for you before you commit. Also make sure the car is in good shape and that they can transfer the warranty to you.
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Old 27 Oct 2010, 01:24 pm   #4 (permalink)
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Why would anyone sell a brand new 2010 Corolla with just 15,000 miles? My guess is that the answer is here in the link I have included. Please..for your own good....read this link before you buy a Corolla. And best of luck to you and your hubby! Have him read this link as well before buying a Corolla.















http://www.arfc.org/complaints/2010/toyota/corolla
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Old 27 Oct 2010, 01:39 pm   #5 (permalink)
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It's a trap.
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