Transfer car loans?

[Beaver2000]

I had a quick question about trading cars. Is it possible to trade cars with another person that has a loan on that car while you have a loan on your car?

Example: I have a loan on my car. I want to trade it from another car that also has a loan on it. Is it possible to takeover that loan on the other car while the other person takes over mine? If not, what would be the easiest way to get around this other than paying the loans off?

Just curious and thanks in advance!

 

[10splaya22]

Take the loan on your car and transfer it to the new car. Same goes for the other person. Its going to be difficult if the banks want titles since neither of you have them it looks like

 

[thomas91169]

Yes.

You would need to secure a loan through your lender that buys out the car from his lender, and him vice-a-versa.

If you guys both have the same lender, it would be easy as hell. May become a hassle dealing with the different lenders but ultimately it should be do-able.

 

[multigoaler]

I had a quick question about trading cars. Is it possible to trade cars with another person that has a loan on that car while you have a loan on your car?

Example: I have a loan on my car. I want to trade it from another car that also has a loan on it. Is it possible to takeover that loan on the other car while the other person takes over mine? If not, what would be the easiest way to get around this other than paying the loans off?

Just curious and thanks in advance!

Yes, there should not be any negative mark either in your car loan payment or the othre person's loan payment. If there is any problem in payment report of your car loan, there is a procedure where the other person would let know about it and it goes vice versa. But there wouldn't be any problem and if at all, it would be only some hectic procedure.