need your guys help with a trade situaion, look in here to help

[old_blue]

ok I am selling my 01 GT. I would be happier in my old fox so I am going to get another. Another person offered to trade me straight across for a clean 1993 GT. I would do so in a heartbeat but here is the snag.

I have a lien on my car with my bank. for X amount. I am asking about $2k more then I owe on my lien. Basically what I paid for it not adding anything for the additions I have done to it.

Can anyone suggest a way for me to do this transaction??? I thought I could get a personal loan for my 01 GT to pay it off and this would be my new loan for the 93 GT. I am not sure how this works as I have never done this before. Anything else I could do?

 

[98E9GT]

Couldnt the bank take the lien and transfer it to the fox?

 

[BlackMach1ne]

Couldnt the bank take the lien and transfer it to the fox?

no for insurance reasons.

 

[EPIK]

Couldnt the bank take the lien and transfer it to the fox?

I love Fox's, but who would want to pay payments on one??? I was wanting to trade my 95 for a fox a while back & everyone told me I was crazy???

 

[old_blue]

well, if I sold my 01 then I would use the xtra cash to buy a fox since that is what I want to do anyways. Loan would be very little regardless and would be gone in a short period of time. If I had kept my fox to begin with I would be having this problem.

 

[9646gt]

Depending on credit you can take out a signature loan and pay off the car that way. But if you owe more than say 10 grand it's going to be hard as the loan is a no collateral loan. You can also try to run it through an auto auction if you know a dealer, or even some car dealer ships will by the car. OR, you could sell that car for whatever you can get and say you end up still 4 grand in the whole to get the tittle, take out a signature loan to pay off the other 4 grand and get the title. Let the other guy take over payments ( arrange with bank, dont trust him to pay you directly!) and then take out a loan for what he sees reasonable for the fox. Just some ideas.

 

[lazerred02]

Sell your car and pay off the Lien on it, then use your profit from that (if any) and then if you get any tax return use both together and buy the fox. But I really would not take out a loan for a fox.

 

[Mustang5L5]

I would never trade an '01 for a '93 straight up

No matter how clean the '93 is. The value of the '01 is still greater unless it has severly high milage or is a POS.