04lariattexas

Hello all. Me and my wife are considering taking the payments over from a 2004 tahoe 2wd from my sister and brother in law. Me and my wife have a 2004 f150 lariat 2wd supercrew. They owe about 17 months left on it. It has roughly 120000 miles on it I believe. My questions for y'all are.........

What are the pros and cons of taking over payments of another vehicle????

Has anyone else on here done this before????


P.S. I'm not worried about any trust issues because me and my wife know them very very well and spend a lot of time with them and there just wanting to do this to get rid of the tahoe and something more fuel efficient because they have a couple gas guzzlers.

04lariattexas

Guess no one has advice???

SRH

im actually doing this right now with my f150, it was my uncles truck. he only owed 12k for it and ive had it since December. Since I am 19 and building credit
i doubt it the interest rate would have been low for me.

the Pro's are
- dont have to finance the car
- cheaper than buying new
- you know them (so you might have an idea if whether they abused the car or maintained it right)
the con's are
- the car is not under your name.

Have not found any cons to it,I mean as long as you trust them, which is why i decided to do the same.

I send in the payments myself, as long as I know the account number of the loan. So I dont have to worry about sending him the money and then making him send the payments.

svt2205

This is like borrowing money from friends/family. It often leads to major problems. If you want their truck or if they need to get out of their loan. Get a new note and keep things on the up and up. In the long run, you all will be happier.

JERU

Great advice. With such a good relationship, it would be a shame to risk it over something like this. Buy them out (personal loan, etc), get it in your name and call it a day.