I have someone who wants to swap trucks.

Problem is that my truck is paid in full and his is financed.

I assume the only way to do that would to be him buy my truck, then I take that cash and buy his?

anything left on the payment will still be on him but it will be associated with my truck? would that work? I cant figure it out but I dont know much about the bank side of it all.

2/22/2012 10:13:34 PM

you'll get a certified check from your bank for the amount the guy owes (up to the day of the transaction - his bank will include daily interest, so he'll need to ask his bank what he'll owe on that day and then tell you). Anything amount over that is up to you/the other guy. I suggest a second certified check or cash.

2/23/2012 8:36:32 AM

Quote :

"anything left on the payment will still be on him but it will be associated with my truck? would that work? I cant figure it out but I dont know much about the bank side of it all."

Have him call the bank and explain the scenario.
They might be able to somehow transfer the loan to your truck and release the lien on his truck.

Until the loan is paid they won't release the lien on the title so that it can be transferred to you. If they can't streamline the process somehow and he doesn't have the cash to pay his truck off he'd have to take out a new loan to buy your truck and you'd use that money to buy his truck; thus paying off his loan and releasing the lien.

[Edited on February 23, 2012 at 8:58 AM. Reason : s]

2/23/2012 8:57:49 AM

Quote :

"you'll get a certified check from your bank for the amount the guy owes (up to the day of the transaction - his bank will include daily interest, so he'll need to ask his bank what he'll owe on that day and then tell you). Anything amount over that is up to you/the other guy. I suggest a second certified check or cash."

This!! you'll need to get a 20 day payoff amount on his loan.

2/23/2012 10:52:46 AM

so I have to take out that amount at my own bank?

Im trying to get it where I dont have to take out any loan at all.

2/23/2012 6:50:05 PM

His truck has to be paid for before you can buy it. How you do that is up to you, but you have to pay the bank before the transaction can go through.

2/23/2012 8:14:30 PM

obviously.

thats not the question.

2/24/2012 1:46:04 PM

ok so are both your trucks equal value? are you trying to get his truck and not have payments afterward? if he gets your truck does he continue to make payments? i don't think the bank with just exchange titles on a lien. if i'm understanding you correctly, the lien will have to be paid off and then a new lien put on your truck that he is getting.

2/24/2012 1:48:18 PM

^

pretty sure the loan has to be paid off before the lien is released. probably need to talk to the banks to figure out if they'll go another route though.

2/24/2012 2:02:30 PM