Can we send an aged car loan change to the latest car loan but the traffic in?

I owe 00 upon my aged car. we wish a latest car. we am giving my aged car to my mom. Can we send a 00 to my latest car loan but a trade-in? (The car really is not value 00)My father thinks we have to traffic it in to send a balance.

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Tags: mom, new car loan

Comments: 3 comments

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Go-To-Guy
December 10th, 2009 at 9:32 am

simple answer is no. stretched answer is…people consternation because this nation is up to the ears in debt. compensate it off. if we cant means to compensate it off, we cant means the latest car
romesthebest
December 10th, 2009 at 9:32 am

Check the blue book worth of the latest car (www.kbb.com) If the worth is $2000 some-more than what we have been profitable for it we shouldn’t have the problem. It depends upon the bank we go through, though many will financial the full blue book worth so if we get $2000 over we can take the disproportion to compensate off the aged loan. we only did this the whilst ago as well as used the additional income for the guaranty as well as modifications, so we do not consider we should have most trouble. Good Luck.
GIBBS
December 10th, 2009 at 9:32 am

I used to sell cars, so a answer to which subject is yes, we can tranfer your change as prolonged as we financial or franchise a car with a same bank we paid for your aged car with.