Ro_Ja Boy

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

IheartS2ks

I would go to a bank and ask them. haha.


I don't think you can do stuff like this when you don't have the title.

Slamnasty

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.

Ro_Ja Boy

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

no_really

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.

Ro_Ja Boy

wtf are those acronyms? I think that you are right though and that is what my boss thought.

Thanks!

Ryan

kntrider

trading the sti already?

Ro_Ja Boy

It appears that it will either be sold or traded.

Ryan

mwy23

for what?

no_really

As Far As I Know. By The Way, I Am Not A Bank Officer