Car loan transfer

[prinsesa]

Hi everyone,

I haven't been able to drive for the last 6 months so I decided to sell my 3.

I purchased my 3 in February 2010 & got the 0% interest for 60 months from Scotiabank.

I've had quite a few people interested in my 3 BUT word kinda got out that I'm paying $352/monthly and they want the same financing.

I called Scotiabank & they told me that they cannot transfer the financing over to another person since that 0% promo was only available for that time being.

My question is..

Has anyone transferred a 0% interest loan over?
Can my friend give me the money monthly and drive the car until the 5 year is up & I can finally transfer the ownership to him/her?
Is insurance okay with insuring a person isnt the official owner of the car?

[p-o-g-i]

I was kind of in the same situation, but it was with family. My cousin wanted my car (Acura EL) and wanted to take ove my loan and keep the same financing rate. The only way we were able to accomplish this, was to add him on to the existing loan. The only problem with that, is if there are any missed payments it will affect both of your credit ratings. Since my situation was with family, there was a little more trust involved.... but I wouldn't recommend anyone going this route as it's a big risk.....

[Slade]

I don't think this would work since you got 0% because your credit is good, this always has to do with your credit.

If the person buying has crap credit, there is no way a bank will give them a 0% interest loan.

How come your not driving your car? :(

[Flagrum_3]

Hi everyone,

I haven't been able to drive for the last 6 months so I decided to sell my 3.

I purchased my 3 in February 2010 & got the 0% interest for 60 months from Scotiabank.

I've had quite a few people interested in my 3 BUT word kinda got out that I'm paying $352/monthly and they want the same financing.

I called Scotiabank & they told me that they cannot transfer the financing over to another person since that 0% promo was only available for that time being.

My question is..

Has anyone transferred a 0% interest loan over?
Can my friend give me the money monthly and drive the car until the 5 year is up & I can finally transfer the ownership to him/her?
Is insurance okay with insuring a person isnt the official owner of the car?

There is sooooo many things wrong with that, you shouldn't even consider it period.

I doubt any bank would transfer a loan in this circumstance, but I'm no expert.I Just doubt it.

_3

[Jackal]

1) I have never transferred a 0% interest loan.
2) I wouldn't do that deal where your friend gives you the money for the loan. Too many things could go wrong. Red flags.

Just put it up for sale or sell it to your friend at a slight discount to offset some of that interest.

[Default User]

Tell your friend to get a bank loan or Line of Credit for the buy-out price. (approx 16,000 which is a killer price on a 2010 Mazda w/ what 10K on it?)

Or put it up as a private sale and make some money on it

If your friend doesn't see the deal in it - tell him/her to go screw themselves. There should be absolutely no risk to you.

[prinsesa]

Can't drive because of meds that makes me super drowsy + injury.

Everyone who's interested in my car can't get a $16K loan :'( I can still afford my car, but I may not be able to drive for a long ass time (6-12months?)..plus it's a hassle taking it out once a week to heat up the engine and drive it for a bit.

And yes, how'd you know I'm selling for $16,000? lol

[Default User]

And yes, how'd you know I'm selling for $16,000? lol

60 month term - Purchased 17 months ago x $352/month (+ a little kick back bonus for your self, etc)

I would park it up, put it on jack stands and disconnect the battery, and throw in a can of fuel and oil stabilizer. Just like if you were storing it for winter. That'll buy you 5-6 months, easy.

[prinsesa]

60 month term - Purchased 17 months ago x $352/month (+ a little kick back bonus for your self, etc)

I would park it up, put it on jack stands and disconnect the battery, and throw in a can of fuel and oil stabilizer. Just like if you were storing it for winter. That'll buy you 5-6 months, easy.

I'm actually losing money selling it for $16,000 though. No bonus for me, don't forget Mazda had that "Don't pay for 90 days" promo. So I only paid 13 months on it, that's $4576, there's $16,544 left on it.

[prinsesa]

So, there is no other way?
I guess I'll have to find myself a buyer who has $16K cash or can get a $16K loan.

[Flagrum_3]

So, there is no other way?I guess I'll have to find myself a buyer who has $16K cash or can get a $16K loan.

Well you'll most likely lose $ by selling it, no doubt.Plus if your going to be out of commission for 6-12mths you can drop the insurance to fire and theft, that should save you a bunch of $.Do basically what Default User suggested, store the car.You must have someone who can help you out with that.This way once your feeling better you'll still have your car to look forward to driving again! :)

My 2c

_3

[Default User]

hunt around kijiji and autotrader to see the average price on a similar vehicle.
the fact your car only has 6 months of driving on it - should help boost your selling price

Last I checked - 2010's were going between 15-20 K

[terapr0]

just because people in your imemdiate circle of friends cant secure a $16,000 loan, doesnt mean you wont be able to find a buyer. $16k isnt really very much money at all. In the grander scheme of car purchases its a small amount. Broaden your search. List the vehicle online, on leasebusters, in the autotrader, in the newspaper etc... $16k for a 2010 is a good deal and assuming the cars in good shape you shouldnt have any trouble selling it.

[prinsesa]

I did list it on Kijiji, but for some odd reason, autotrader keeps on removing my ad >=( I'll try and sell it more aggressively. Thanks for the all the answers ladies and gents!

[Default User]

Everyone who's interested in my car can't get a $16K loan :'(

even more reason not to lend them
The money to buy it (give the money to you every month rather than paying a bank)