How to Assume Payments on a Tractor-Trailerby Neal Litherland
When you assume payments for a loan on a tractor-trailer, you are essentially getting a deal on the vehicle and the loan. If someone gets a loan to buy a tractor-trailer but for some reason that owner can't maintain the payments, then one option is to get someone else to take over the payments. This person becomes the new owner, and the lending institution still gets reimbursed.
Find someone who has a loan on a tractor-trailer and is seeking someone to assume payments. You can either contact the owner personally, or you can go to a lending institution and ask if there are any tractor-trailers available that meet your qualifications. You need permission from both the lender and the current owner to assume the payments.
Pass a credit check. The lender will inspect your credit report to make sure that you can make the payments on the tractor-trailer. If you don't meet the company's requirements, then you won't be allowed to assume payments.
Review the terms of the payments and the loan agreement. You are agreeing to the terms just as the previous owner did when the papers originally were signed. If the terms are agreed upon, sign the contract to assume the payments on the tractor-trailer.