Buying vehicle from private owner

[mountaindews]

I cannot get financed on a vehicle right now (trying to repair credit)and someone has offered to let me take over payments on their vehicle. They wanted to do a notorized contract saying that I will take the vehicle and pay the payments and in a year re-finance in my name. I think that I can do it in a year. BUT my question is what are the liabilities of doing a contract like that and where would I find a contract like that? I hope someone can help me with this. I really need another vehicle. Thanks so much!

[jq26]

Not recommended. First, the lender would likely object to this and consider this void. They contracted between borrwer/user and not a third party (you). Second, you don't own the car. You're not on title. Third, how do you keep it properly insured? Is this agreement going to fly with the insurance company? If not, are you ready to be sued personally for damages? Probably not. Fourth, what happens if in one year you can't buy the car or don't want to buy the car? Do payments and possession then revert back to borower? That looks more like a lease occurred than a rent to own.

I think this type of arrangment is problematic. Not recommended.

Do what many of us did when we were reparing credit. Buy a beater. Four and half years later I still drive the same beater because it was the single best financial move I have made in my life. The thought of a car payment makes me sick. I know this is probably not music to your ears but take it from someone who has been through it.