They're used to protect themselves from the loss of interest over the loan term, and guarantee some measure of profit, even when borrowers pay them off ahead of schedule. (valuepenguin.com)
If your dad is willing to let you have his car in return for taking over the loan payments, do that. (biggerpockets.com)
This may result in a dangerous cycle of borrowing and rolling over the loan amount. (consumer.ftc.gov)