Question about trading car w/private seller

Discussion in 'OT Driven' started by cryptonomicon, Aug 4, 2004.

  1. cryptonomicon

    cryptonomicon verba volant, scripta manent

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    I'm only 17, which should partially explain why I'm asking this question here...

    We bought a car (a 2001 Mustang) from a car dealership ~2 months ago, and it had been my 2nd choice car, to a 97 Trans Am convertible which had a deposit put on it about 30 minutes before we came to the lot.

    So yesterday I find out that one of my friends' buddies from work was looking to get rid of his 98 Trans Am he had got a few months ago, and said we could work out a deal, and offered to trade it straight up for my Mustang. Of course I said I would do it if I was able to, but I'm really hesitant to ask my parents about it, because I know nothing about how the financial aspects of trading a car work out...

    I'm wondering how it all works out...I know my parents pay a certain amount monthly for my car, in addition to insurance, etc. If I traded cars with this guy, what would happen? What would have to be done involving car payments/insurance/car registration, etc.

    Any answers would be appreciated...because I want to know what to expect if I even ask my parents about this, because I know either way that I'm going to get a response somewhere along the lines of "we just bought you a car 2 months ago, and you don't like it? you ingrateful <insert profanity here>"

    Thanks a ton if anyone can help

    p.s.-this is all also assuming that I check out his car, find out the history, etc., and that everything checks out. No flaming about trans ams or mustangs, I've heard them all :)
     
  2. DoucheBag

    DoucheBag New Member

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    im assuming his trans am is paid off. there only 2 options here. one is you bascailly sell it to him. meaning you transfer it over to him.. and he takes over the payments. which i dont really think he had in mind.. seeing as how hes going to be giving you a car for yours.

    the second option is either your parents pay off the loan on your mustang all at once OR take out a second loan to pay off the car loan. say from their bank or something. Then the mustang is all paid off.. then all you have to do is transfer the paperwork over like you were selling it to him (IE you get the titles registered under your names to the different cars.. yours to hte trans am and his to the stang.) then your parents are left with the loan from the bank. they might even be able to get a better interest rate from the bank for the seperate loan as opposed to the loan from whatever the dealer uses for their financing company.

    i honestly dont think your parents are going to be down for this. itll be a big hassle for them.. and most likely wont see eye to eye with you on why you want to do this.. or the point of it. theyll look at it as you have a car. and you want a different one. thats all. but good luck.
     
  3. JwM

    JwM Guest

    couldn't he also transfer the loan over to the other car? If the trans am is worth that of the Mustang, there should be some way to get the loan changed to the other car... I dunno. What made me think of it was when I bought a car once through the credit union. Well the car was a POS, and so I switched it out for another car from the lot. Buyers remorse or something. Thought I'd throw that in.
     
  4. Priest Tango

    Priest Tango Custom User Tits

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    i would keep it. my parents helped me out (i only paid 30%) with my first car...the car is in very bad shape (its in good condition as far as what you need...theres a lot of minor but VERY ANNOYING problems with it) but it runs like it just rolled off the factory floor, runs smooth, shifts smooth, pulls likes its half its age/mileage (its a 91 sentra E with the 4 spd and just passed 128k miles) i love it but inside i really hate it. i could trade/sell it for a few much nicer cars in a heartbeat, its just a matter of me wanting to do it. but i dont want to because i know my parents spent alotta money on it, and theres nothing really wrong with it (considering its my first car:o). it was basically a gift to me. my parents are far from rich, so i didnt get a brand new bimmer 3 series. and im not like one of those kids that got a brand new 3 series for their SIXTEENTH BIRTHDAY. reguardless of the condition of the car im gonna take care of it, ive had it a few monthes and have babied it the whole time, i broke the LCA and axle...and FIXED it rather than just junking/selling it and buying sometihng else. basically what im saying, is imo it would be rude and selfish to trade the car in for something else, esspecially since your parents are [probally] helping you out [alot] with the payments


    sorry bout the post. im tweaked outta my mind :o
     

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