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Author
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Topic: Question about trading cars with money still owed
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DLo
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Member # 6133
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posted
 
 
I'm going to trade my car straight across for another, but I still owe money on the mustang. I forget how much left I have, but it's with a credit union. How do I go about doing this, or is it best if I just go in and ask? I'm guessing I would get the loan transferred to the other title instead?
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94 GT
Posts: 1876 | From: Bay Area, CA | Registered: Oct 2005
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N8
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Member # 6048
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posted
Becareful doing that. Be sure to let your bank know. As well as either have them submit to your bank to take over the payments or have them take out their own loan then pay off the balance to your bank. You dont want to let them take the car while the note is still in your name. You will be responsible.
Posts: 11638 | Registered: Sep 2005
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cobraracer46
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Member # 1142
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posted
If you owe more on a vehicle than it is worth, then once you sell it, you will have to write a check to bank for the difference that the sale did not cover and if you are crazy enough to finance another vehicle when you are in the hole with another one, then the dealer will roll the negative equity from your old vehicle into the new one and getting into a deal like that would be a mistake. My advice to you would be keep your current car or buy one you can pay with cash. Good luck ![[patriot]](graemlins/patriot.gif)
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2001 SVT cobra convertible with a Viper T56, Fikse wheels, Griggs frame kit, roll bar, Vortech, 4:30 gears, brembo GT brakes and more.
Posts: 1172 | From: Woodside California | Registered: Apr 2002
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