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Posted in Auto Loans
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Question By
toughpup

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if someone takes over the payments on my car loan will I still get credit for portion I've paid
my loan was for 6,000 and I owe 3,000 now. if someone takes over payments
will I get credit for the portion of the loan I've paid or will I
get no credit. maybe it is better to pay off the car so I can get a newer car.

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Top Contributor
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Yes you get credit.....but.......

When someone takes over your payments you get all the credit as long as payments are being made, but you can also get all the collection calls too. If you no longer want the car payments,  then its best to sell/trade in your car and/or payoff the loan. Having someone simply take over the payments will not relieve you of the debt. Furthermore, many banks may give you a hard time trying to purchase another car while you still have your old loan opened. Hope this helps.

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