Trading Cars
#1
Thread Starter
Trading Cars
Quick question about how trading cars works when their is a loan involved.
Say I have a car and am going to straight trade with another person for their car. I have a loan with my bank, but his car is paid off.
Does anyone know how that would work to be able to trade the cars?
Thanks a lot for the help.
Ryan
Say I have a car and am going to straight trade with another person for their car. I have a loan with my bank, but his car is paid off.
Does anyone know how that would work to be able to trade the cars?
Thanks a lot for the help.
Ryan
#3
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Join Date: Jan 2004
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You'd have to sell it to him one way or the other, because your lien holder is going to be expecting a pay-off of the balance. Are you upside-down on yours? Are you ahead on payments?
The only way I can see this working is if he took over your payments and gave you his car, and then he refinanced to a loaner of his choice or something.
The only way I can see this working is if he took over your payments and gave you his car, and then he refinanced to a loaner of his choice or something.
#4
Thread Starter
I am not upside down. I owe less than it's worth.
His car is paid off, mine is not.
I think that maybe the bank can take my loan and pay it off with another loan?
Luckily my Dad works for a bank, so is checking into it.
If anyone knows the correct answer, please let me know.
Ryan
His car is paid off, mine is not.
I think that maybe the bank can take my loan and pay it off with another loan?
Luckily my Dad works for a bank, so is checking into it.
If anyone knows the correct answer, please let me know.
Ryan
#5
I think you can get another loan against the new car through the same bank to pay off your first loan, clear the title, and hand the other guy said title. You'll owe the same amount, the bank will have to approve you for the loan on the new car, and pretty much that's that, AFAIK. BTW, IANABO.
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#10
Originally Posted by Ro_Ja Boy,Aug 11 2006, 02:19 PM
wtf are those acronyms? I think that you are right though and that is what my boss thought.
Thanks!
Ryan
Thanks!
Ryan