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

old_blue

15 Year Member

Nov 3, 2003

1,783

282

124

Jan 8, 2008

#1

• Jan 8, 2008

• #1

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

New Member

Dec 16, 2007

110

0

0

Jan 8, 2008

#2

• Jan 8, 2008

• #2

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

 

B

BlackMach1ne

New Member

Dec 25, 2007

1

0

0

Jan 8, 2008

#3

• Jan 8, 2008

• #3

98E9GT said:

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

Click to expand...

no for insurance reasons.

 

EPIK

Member

Jul 3, 2004

796

1

16

LEFT COAST

Jan 8, 2008

#4

• Jan 8, 2008

• #4

98E9GT said:

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

Click to expand...

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

15 Year Member

Nov 3, 2003

1,783

282

124

Jan 8, 2008

#5

• Jan 8, 2008

• #5

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

Member

Apr 7, 2005

595

3

18

Holloman AFB,NM

Jan 19, 2008

#6

• Jan 19, 2008

• #6

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

New Member

Nov 19, 2004

190

1

0

FT Stewart, GA

Jan 19, 2008

#7

• Jan 19, 2008

• #7

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

That is…until I whipped out my Bissell

Mod Dude

Feb 18, 2001

43,264

17,952

224

Massachusetts

Jan 19, 2008

#8

• Jan 19, 2008

• #8

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.