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Just go to whoever you pay (the dealer or the bank) and tell them that you are selling the car and that he will be taking over the payments for the car. There will be a butt load of paperwork you both will have to sign transferring the payments, and title over plus you'll have to visit the tag office and fill out some paperwork there.
My parents have done it a couple times (both being a buyer and seller) and it's not hard, just a pain in the butt and requires some leg work.
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