can you trade in a financed car under someone else's name

SO if you want to properly transfer the title you would need to go to the Lender and request the Transfer to the specific purchaser to LEGALLY t. You do not have to be on the loan.

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The person who is on the title must also register it in their name.

. There are some exceptions though and you are going to have a rough time of it as there are many legal hoops to jump through and a great deal of paperwork involved. For example lets say youre buying a car for 10000. If your name isnt on the cars title even if youre the primary driver youre not the owner and cant trade in the vehicle.

You can put the insurance in someone elses name but you would need to be listed on the policy. Drive off with a vehicle. You are not able to trade in a vehicle that is not in your name.

Once youve agreed on a value for your trade-in vehicle and the new cars price its time to close the deal. They just let you drive it. When a vehicle is financed in someone elses name it can be difficult to place that car on your own car insurance policy.

The thing is the car and the finance package isnt really for the applicant its for the person whos going to be driving the car. Trade in your car. If your trade-in is worth 5000 and you still owe 2000 on it the dealer pays off the loan and your 3000 in equity reduces the cost of the new car to 7000.

There are some exceptions though and you are going to have a rough time of it as there are many legal hoops to jump through and a great. You cant talk to your lender and just request to hand over. For starters you need the TITLE to effectively transfer a vehicle and at the moment you do NOT have the title the LENDER has the title.

Perhaps the most confusing part of buying a car on someone elses behalf is the car loan process. A financed car cant be traded in or sold until the lien is removed from its title. The short answer here is No.

You wish to trade in your parents car. However if you owe more than what the car is worth in a trade-in this means you have negative equity. Answer 1 of 9.

Title being in their name means its legally theirs. In order to buy a vehicle for another party youll have to put the loan entirely in your name cosign or co-borrow with the recipient. Apr 7 2019.

Trading in Someone Elses Car. Its going to be difficult to find a lender that is going to be willing to roll a lot of negative equity into a new loan. When a vehicle is financed in someone elses name it can be difficult to place that.

You could trade in your car to a dealership if youd like to. You would also need to list your finance company as an additional interest since they have a financial claim to the vehicle. Heres what you need to know.

Find out if the original loan was paid in full as part of the trade-in. If you do get an offer that can cover your loan balance the dealership writes a check that gets sent to your auto lender to pay off the loan. However the fact that someone else is on the title means that even though you paid for the car you cant legally sell it without the consent of the other person on the title.

It will require your dad. However the fact that someone else is on the title means that. Trading in a car not in my name.

The idea of a trade-in is either to trade your vehicle in for another that is either paid in full by the trade-in value of your old car or the money can be put toward a higher-priced vehicle. You do not have to let the person who has the loan on the title. This could be a great option if refinancing isnt available and you still need a vehicle.

If you still have payments left on your car. Before you attempt to trade your vehicle ensure your husband is willing. However the owner can trade in the car themselves or sell you the vehicle youve been driving.

You can have someone else finance your car for you. When you have an auto loan on a vehicle your names on the loan and you have an obligation to repay the loan balance. You wish to trade in your parents car.

Once you own it its yours to do with as you please. Its still an accommodation deal if you are financing a car for someone else so most car finance companies wont allow it. The person receiving the car will need to go to the dealership in person to cosign the loan and if youre.

You might consider filing a lawsuit against the seller of the new car if the balance on the old car was not paid. You can also have that. The person taking out the finance is expected to be the registered keeper named as the owner on the insurance and the main driver.

The short answer here is No. Given the fact that you claim not to have high scores you are probably looking at an extreme interest rate anyway. Generally when someone applies for finance using someone elses name theyre hoping that the other persons credit rating or financial status will mean they get approval or a better deal.

Good luck and if you have any. You are not able to trade in a vehicle that is not in your name. Read the sales contract carefully it should spell out your new loan amount the loan term interest rate monthly payment and any other spoken promises made during negotiations.

You are not able to trade in a vehicle that is not in your name. You do not have a right to the car if. Get an affordable monthly payment.

The vehicle can also be sold outright to the dealer however you may still owe money on the payment plan. The problem you run into is that the finance company wants to have evidence of car insurance in the name of the person responsible for the loan your father and not in your name. 950 Tower Ln Suite 600 Foster City 94404.

Since you cant sell what you dont own you need to either transfer it into your own name or have them come with you so they may sell it to the dealership. As far as your car in your dads name you can use it as a trade in if. Most dealers require any titled co-owners to come to the dealership to sign the vehicles title in front of a dealer representative.

If you are on the title in any way either as a lienholder or co-owner you have a right to at least some of what the car is worth. The car is also generally required to be kept at your address. In a sense when you sell a car to someone else and they finance it theyre refinancing that vehicle in their name replacing a loan for another one.

The lender can then remove the lien on the trade-ins title and the vehicle can be sold to the dealer. For trade-in both old and new vehicle need to be under the same name. If you are financing a vehicle you need to have it registered in your name.

If it was be happy and NEVER co-sign for anything for anybody ever again. Almost all dealers accept trade-ins when you buy a new or used car from them. You can trade in a vehicle that has your husbands name on it but he will have to sign the vehicles title to complete the trade process.

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