car financing question

[Gravy_83]

i have a car i still owe money on. someone wants to trade me his car for mine. is it possible to switch cars even though i owe money on mine and have the leen switched on it???

[Gravy_83]

anyone??

[westbeach]

you'd prolly have to get the other dude to take over the loan.. basically him go to his bank and buy you out. then you take the cash to your bank and get the title cleared.. I think its illegal to sell a car or something that has a lien on it to the registered owner and the new owner cannot register it i think..

[k98303]

what is ur car?

[adam c]

u can sell a car that has a lien on it. the buyer has to know about it and the lien has to be paid out. in order to 'trade' the car u will have to talk to ur bank to ensure the car can be registered to ur current loan (ie equal or better value) all they have to do is discharge the car from the current registration and amend the new car to it. but thats if they agree to it. so the lien in fact will be transfered to the car u trade

[Gravy_83]

thank you and im pretty sure an integra is worth same or more than my car. thanks all