Legal Question in Consumer Law in Georgia

Re: Selling a car by taking over payments

So you are not lible for what? The loan? You are liable until the lender agrees to let you out, which is usually not an option. For liability for an accident or something like that? If you own the car, you can be sued if something happens. If you transfer title, you will not be responsible for actions of a driver, but you'd need the lender's approval (via a payoff of the loan) to do that correctly. Selling collateral without the lender's approval is likely a violation of your agreement and often constitutes conversion. In short, selling and having someone "take over YOUR payments" is rarely a good idea.

Re: Selling a car by taking over payments

Don't do it. It is likely a breach of your contract and default for you to sell your car without paying off the car loan. As a general rule, car loans are not assumable. If you do it, you can expect to likely be sued for the balance if and when either (1) the loan company discovers what you have done, or (2)the buyer defaults. You also may be prosecuted or sued by the buyer when you find you can't give clean title. Again, do not do it.

When you sell the car, the buyer needs to have gotten a new loan to pay off your loan (unless the lender agrees in writing to assumption and releasing you, which is highly unlikely).

The buyer will likely be unable to properly insure the car, and you remain the owner.