Acquire a late model used car for no money down or credit check.

 We will keep this as simple and forthright as possible in step by step fashion.
 Find a newspaper or car trading magazine that is two or three weeks old. Look up the car you want or are interested in.
 Cars still for sale that are less than two years old, 80% will be in a negative equity position.
 These owners just want to walk away from their cars for what they owe on them.
 After two or three weeks of trying to sell their cars, they realize that they will have to be flexible.
 The biggest reason they can't sell their cars is that they owe more than the car is worth because they have not built much equity in it.
 They probably put a little down on it and financed it for five years or more.
 Then it took a major drop in value when they drove it off the dealer's lot.
 On the average five year loan, the owner must pay on it for 38 months before he can sell it for as much as he owes.
 You can find a NADA Blue book at the library or online that will give you the average sales price for each model and year as well as how much money a bank will loan on it.
 It's not required that you have this book, but it helps you understand the position the owner is in.
 The seller may have a car that can be sold for, say, $10,000 but he owes the bank $12,000.
 Let's say he gets lucky and finds someone who is not very knowledgeable about auto prices and has good credit.
 To purchases his car for $12,000 that person probably will have to get a bank loan to help him get it.
 The bank will loan less than the market value of the car, which is $10,000. They may loan, say, $8,000.
 This means that the buyer, assuming he has the good credit, will have to come up with a $4,000 down payment to get this used car.
 If the buyer is in this good of a position, he might as well go to a dealership and get a new car for only a few hundred dollars down.
 This is why the owner is having such a hard time selling has vehicle. His deal just won't work until he gets into a high equity situation. Many of the sellers in are in need of doing something right away to solve their dilemma.
 You and the seller can help each other out. 
 He saves his credit and does not have to sell his car at a loss.
 You get a late model vehicle with no down payment and no credit check and drive right away.
 Look closely at ads that read "Take over payments" or "Must Sell".
 Ask the owner if he is willing to sell the car for what he owes on it. Try to find out why he is selling a car so new.
 If he just can't make the payments anymore, this is your guy.
 Make sure you'll like the car and that you can afford the monthly payments and insurance.
 Now that you have found the car you want, you'll have to explain this process and set up an agreement that will protect you and the owner and the car.
 Basically you agree to make all the remaining payments and insurance.
 The seller holds the title until all the payments are made, then he signs it over to you.
 As long as you follow these instructions you will get full rights to use the vehicle and get a clear title when it is all payments are made.....in your name!
 He is actually financing the car for you.
 While payments are made, the car remains in his name.
 The transaction is between you and the owner.
 Not you and the bank.
 This is why a credit check is never run.
 You are essentially using the owners credit to help both of you out.
 You will need to get a power of attorney form which is available at your Dept. of Motor Vehicles.
 Or you can draw one up.
 This form authorizes you to sign on behalf of the owner on all matters concerning that car. 
 The owner will, naturally, be concerned that you will make all the remaining payments as you promise.
 Let him verify your employment and your residence.
 Explain to him why you had credit problems in the past and how you are now able to make payments.
 After all he has nothing to lose in the deal. 
 If by chance you have any local credit like a "buy here pay here" dealership or one of the many where you rent to own furniture and appliances, take him proof of your on time payments or call them or better yet, take him there and introduce him to their credit department and ask them to give your history to the seller.
 If your payment history is reasonable he will, most likely, accept the deal.
 You will need to send to him: a cashier's check or money order for the car payment made out to the lien holder! 
 Offer to send it a week  early each month  for him to monitor.
 When setting an insurance policy up, you can be added to the owner's existing policy as an additional insured or can set up a three party policy with your agent.
 Let the agent know you have power of attorney for that vehicle and that you want liability on it.
 Warning: If you don't make the payments or don't carry insurance, the owner has the right to take the car back.
 The tags bill will be sent to the owner but will be your responsibility. 
 Any traffic violations or points will not go against the owner, they will go against the driver of the vehicle.
 He is put in the same position as a leasing company or car rental agency.
 He owns the car but has no driving privileges.

 It sounds simple and it is!!! 
 Yet most sellers and potential buyers (people with bad credit and not much on hand cash) have never heard of this simple agreement between two people!
 When you present your idea to a seller, they will sit up and listen.
 If they do not, move to the next one.
 One out of five attempts seems to work out on the average.
 So spend some hours on this and make the effort. Think of the goal you have and you reach it.
 You might want to consult a local paralegal for some help and guidance for about a $50 fee.
 Most Credit Unions, Savings and Loans, and small banks are not equipped to handle repossession losses.
 Many of them will overlook your credit history in order to save money on a repossession.
 The only drawback to going to a financial institution is that they may not have the exact car you want at the time you want it.
 If you have a particular car in mind, you can find it from individuals selling the model and year you want.
Car Brokers find card by contacting small banks, S&L's and credit unions that are not equipped to market their repossessions.
 They also run ads in the paper reading "avoid repossessions, we have qualified buyers to take over your payments."
 Contact these people for advice and guidance.