Is it possible to transfer an auto loan of this amount?

I have a current auto loan of 24,000, with a super high interest rate of 16.93%. This is all due to mistakes on my husband's credit report when we financed the car and 4,000 negative equity added on from our previous car. So, we have a 2006 Mitsubishi Lancer and the balance is 24,000. Our payment is extremely high every month, and we had an idea to sell the car or sign a new loan over to my mother, and she has excellent credit. I am wondering, will this make the payment any lower for her depending on her credit and new interest rate? Or will there be problems with how much the car is worth as opposed to how much I owe on it? Any thoughts/opionions/etc are appreciated. Thanks!

5 months ago - -1 answers