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Posted in Auto Loans
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Question By
JeauBear

4 Contributions
13 People Helped
Help with taking over an Auto Lease? Who, What, When & Why.....?
Hello to All who are kind enough to stop by and take a gander at my question... I'm going to be taking over the lease for my vehicle from my soon-to-be ex-husband, for the remaining balance (roughly $15,000). He promised to pay for the vehicle for the lifespan of the loan, and I tried to be decent and not go after him for alimony and avoid a legal battle, and he unfortunately decided to use that to his advantage and told me I either have to take the loan in my name or let the car be repo'd (no good deed goes unpunished... Ugh). So I'm wondering, if anyone can tell me whether or not the application I fill out and give to them will be for the loan exactly as it is now: 3.99% with a $377.00 monthly payment or if I'll be applying for a new loan for the remainging $15,000 (which I'm hoping will drastically bring down the monthly payment)? Thank u to all who take the time to reply! I really appreciate it! ^_^

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Top Contributor
232 Contributions
80 People Helped

First, is this a loan or a lease? Two very different things, but I amn guessing a loan by the interest.

Some loans are assumable, but this is getting rare and even more rare with car loans.  You can call and ask the lender, if you do not have your paper work to see if it is or not.  Most likely you will be looking at getting a new loan for a used car to pay it off, right now with very good credit you can get these at about 2.99-3.99% interest and it would be for the remaining15k for whatever term and yes the payments maybe lower.

But you have another option.  He is not going to pay for it either way by the sound of things.  No matter who's name the loan is in, you can continue to make payments to aviod the car being repoed.  The only issue is that once the title is released it will be sent to whomever the loan is with. So to make things clear the best course of action, that I would take, is to get a loan and make him sign the car to you and your new lender.

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