Will this work?

[Gooch03]

Okay here is the deal. I have an uncle who wants to buy my F150. I still owe 13,300 on it and he has a 03 Cobra that he said he wants to sell for 17,500. He owns his free and clear, what we want to do is him take the truck as a trade and then sell me the 03 Cobra for "$4200" and then pay him the difference back as if it were a loan. Will the bank accept that? Like trading the car to an individual and then financing the difference?

 

[Matts00GT]

More than likely you'll have to pay off the truck loan and then take out another loan for the Cobra.

Since they know you're trading immediately, what they might do is allow you take out a second loan for the Cobra while you still own the F150 since they know you will be paying off the first loan with the second loan.

 

[Gooch03]

More than likely you'll have to pay off the truck loan and then take out another loan for the Cobra.

Since they know you're trading immediately, what they might do is allow you take out a second loan for the Cobra while you still own the F150 since they know you will be paying off the first loan with the second loan.

Okay, I've been trying to figure out how that would work.

 

[Satyr]

More than likely you'll have to pay off the truck loan and then take out another loan for the Cobra.

Since they know you're trading immediately, what they might do is allow you take out a second loan for the Cobra while you still own the F150 since they know you will be paying off the first loan with the second loan.

This.
I did a similar thing with a dealership when I traded my 03 in for my 04. I took out a loan large enough to pay off the remainder of the first and cover the rest of the new loan.

I had to pay taxes on the whole amount, but that wasn't because of the bank, it was because I got it from a dealership. When your uncle signs the title over to you, he can list the "sold" amount on it. However, under 5k might raise some eyebrows at the DMV, especially if they check KBB.

 

[RussZTT]

Just get a signature loan and trade.

 

[Gooch03]

So if he sold me the Cobra for "$4200" could they roll the F150 into my Cobra loan and have him be the new owner of the truck?

 

[Satyr]

So if he sold me the Cobra for "$4200" could they roll the F150 into my Cobra loan and have him be the new owner of the truck?

Not from what my past experiences tell me.
I believe you will need an entirely new loan (and application). One of the reasons is because the interest rate will change...which could help (or hurt) you, depending on the year of the F150 and the loan-position of the bank in question.