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|Re: TAKE OVER PAYMENT by TOP & Assume are NOT the same thing!|
|Brokering a deal between "buyer" & "seller" or "incumbent-lessee" & "hopeful-lessee" while keeping the lender in the loop is a bona-fide business, to be sure.
However, the term is "assumption" absolutely NOT take-over-payment (TOP) which became illegal in all 50 states after the 1982 Garn bill closed the window on "subject to" sales of all types, without the lenders' approval.
In the day, it was a marvelous "out" for the lessee to simply find someone else to "take-over-payments" on their leased vehicle, and just move along.
Certainly the fly in the ointment was the fact that the lender would not release the originator from the contrct -lease or straight loan- and merely bound both parties to the contract —both the incumbent and the new "assumptive lessee" —sweet deal for the lender. If the assumptive lessee failed on the payments, the lender went after both of them, including the originator, and would indeed lawfully collect.
One has to be very careful of assumptions in today's market as well. If you think someone can "assume" your lease and thereby release you from your original obligations to the lender, think again. Won't happen, not in this lifetime. If you don't believe it, just ask your lender to give you a release in writing, binding ONLY the new assumptive lessee to your car and completely cut you loose from the contract. Yep, that's what I thought. They won't do it. They have never done it and they ain't gonna start now, Marvin.
Good luck. You contracted for the car to begin with, when it was fresh and new, and the grass looks greener... the truth of the matter is that you are on the hook until it's paid off. Period. All lease payments, scheduled depreciation and all, plus the residual is your total responsibility. Do Not under ANY circumstances let some other person take possession of your vehicle. Ask your attorney; ask your lender; ask your CPA. Don't rely on someone with an ulterior motive (CASH) to sway you into doing something that could be illegal, and in the minimum place you in the middle of extreme legal, and financial exposure.
Bait and Switch sound familiar? "Tony"
is all over the Internet crying "Take Over Payment" bla, bla, bla. Does he truly have any TOP's or is it a come-on for you to fill out loan papers and "assume" someone else's vehicle.
Is it truly better? The best of the car has been driven out; the payments are the same today on the "used" lease car as it was when the originator drove it off the lot brand new.
Think, people, think. (An old IBM slogan) ;-)
|All Messages in Thread||Author||Date|
|TAKE OVER PAYMENT||TONY||7-21-03|
|Re: TAKE OVER PAYMENT||angelina||8-10-03|
|Re: TAKE OVER PAYMENT||Richard||1-24-04|
|Re: TAKE OVER PAYMENT||TOP & Assume are NOT the same thing!||6-17-04|
|Re: TAKE OVER PAYMENT||shirley lacy||11-30-05|
|Re: TAKE OVER PAYMENT||mary||12-9-05|