Just wanted to share something constructive with you guys. This is a bona-fide method BUT you'll need an attorney (at most 1k) to prepare all the necessary legal documents.
Go to any newspaper where people (not dealerships) are selling cars and you'll see quite a few people who bought a new car but are unable to make payments on them, so they are trying to get rid of them fast. Just check craigslist and you'll see what I'm talking about.
Key point: A lot of these cars are upside down in terms of equity vs worth. A car that they bought for lets say $30,000 is now only worth 25k tops but they still owe 29k+, so they'd have to lose $4,000 if they sold the car for what it is worth. Now people with good credit wouldn't normally bother buying the car for $30,000 hence they have a hard time connecting with any buyers whatsoever.
That's where you come in. Offer to cover all of their payments + insurance. In exchange, you get to ride around in their car and when you pay it off, they will transfer the title to you in 30 days. Now there are a lot of documents you need to prepare but it's basically similar to rent. The car owner is obligated to pay the lender, but you are obligated to pay the car owner. Let me be specific:
Basically, you can rent a nice fucking car with no cash down . Lemme know what questions you have as I can go into more detail.
Go to any newspaper where people (not dealerships) are selling cars and you'll see quite a few people who bought a new car but are unable to make payments on them, so they are trying to get rid of them fast. Just check craigslist and you'll see what I'm talking about.
Key point: A lot of these cars are upside down in terms of equity vs worth. A car that they bought for lets say $30,000 is now only worth 25k tops but they still owe 29k+, so they'd have to lose $4,000 if they sold the car for what it is worth. Now people with good credit wouldn't normally bother buying the car for $30,000 hence they have a hard time connecting with any buyers whatsoever.
That's where you come in. Offer to cover all of their payments + insurance. In exchange, you get to ride around in their car and when you pay it off, they will transfer the title to you in 30 days. Now there are a lot of documents you need to prepare but it's basically similar to rent. The car owner is obligated to pay the lender, but you are obligated to pay the car owner. Let me be specific:
Code:
Under the Uniform Commercial Code, Article 9. Section 311, the owner of
a vehicle has the right to assign his property regardless of provisions in the original purchase contract by the lien holder (which might claim such a transaction to be in default). The lender will always hold the
original owner primarily liable for payments. Even though the payments are submitted by the assignee, the lender will still acknowledge the assignor/owner as the driver and owner of the vehicle. This because, the assignment agreement is between the assignee/buyer and assignor/owner, and not between the assignee/buyer and the lender.Basically, you can rent a nice fucking car with no cash down . Lemme know what questions you have as I can go into more detail.
