That my friend is horseshit. If the car was bought from a dealer it can be repo'd by the finance co and the buyer has to seek redress from the dealer but not for a private seller.

You cannot and never assume liability for anyone else's debt by buying an asset - quite apart from anything else, the lender may not judge you sufficiently creditworthy to assign the debt, and they have some say in who owes them the money they lent!