Guest bastaad525 Posted July 14, 2006 Share Posted July 14, 2006 Quick question. If you have a car that you recently bought, and are still making payments on, and someone offers to trade you (private party) another car, that is owned outright, how would you work that? I have a guy who is possibly interested in making a VERY sweet trade for the Honda Civic I just bought new this past Febuary, I owe about $14,000 on it, it's so new there isn't even a blue book value listed for it but it MSRP'd for about $17,000 back in Feb., I figure it's at least worth $15,000. The car he is offering he was originally intending on trying to sell for like $12,500, he owns it free and clear. So... how would that work? What options are there if you want to trade a car that you are still making payments on? It seems to me that unless I can pay off the car all at once, or get another loan or something it doesn't seem possible. Quote Link to comment Share on other sites More sharing options...
zguy95135 Posted July 14, 2006 Share Posted July 14, 2006 I believe that they can take on the payments. Quote Link to comment Share on other sites More sharing options...
Guest bastaad525 Posted July 14, 2006 Share Posted July 14, 2006 but if he is giving me his car, THAT is his payment. If he gives me his car and then takes over my payments it's like he's paying twice, you know what I mean? Quote Link to comment Share on other sites More sharing options...
spotfitz Posted July 14, 2006 Share Posted July 14, 2006 Take out a loan to pay off your car and use this guys car as collateral? Quote Link to comment Share on other sites More sharing options...
zguy95135 Posted July 14, 2006 Share Posted July 14, 2006 but if he is giving me his car, THAT is his payment. If he gives me his car and then takes over my payments it's like he's paying twice, you know what I mean? True, I had a brainfart :/ Quote Link to comment Share on other sites More sharing options...
Guest bastaad525 Posted July 14, 2006 Share Posted July 14, 2006 True, I had a brainfart :/ that's okay dude because me AND the guy who is talking about trading with me both said the exact same idea at first!!! Spotfitz, that is what I was thinking just now and discusssing with my wife BUT, the problem is his car isn't going to be worth the blue book value of my car. His is a little older BUT as far as it's TRUE worth he's got like $30,000 into it, but you know how banks are about that stuff they just see the blue book value usually. I was thinking maybe I could go to a credit union and just get an all purpose consolidation loan to pay off my car, my wifes' car, and our only one line of revolving credit... we've done this before and didn't need any collateral, we had accrued quite a bit of debt in revolving credit lines, went to our credit union and they gave us a very good loan with great APR and lowered our payments and all that. But yeah with cars involved I dont' know how it might be different. Quote Link to comment Share on other sites More sharing options...
wigenOut-S30 Posted July 14, 2006 Share Posted July 14, 2006 So what kinda car is it? I think your best bet is to try army navy credit union. I got 5.7% interest when I got my 02 frontier. Quote Link to comment Share on other sites More sharing options...
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