Chattanooga xjs
Senior Member
Joined: Sep 2011
Posts: 508
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I've got a question for y'all since I'm only 18 and y'all are all a lot smarter than me haha. Ok so I'm trying to get rid of my truck to get a different one and I've found one that I would like to trade for. The problem is that I still owe money on mine. The truck that I would be trading for has I higher book value than mine but I'm not sure if trading it would be possible seeing as I owe money on mine. So I told y'all all of this to ask you this. Is it possible for me to trade my truck that I still owe money on to a private party for their truck?
CF Veteran
Joined: Sep 2009
Posts: 6,322
Likes: 6
From: Summerville, Ga
Year: 1995
Model: Cherokee
Engine: 2.5 4 cyl.
I've got a question for y'all since I'm only 18 and y'all are all a lot smarter than me haha. Ok so I'm trying to get rid of my truck to get a different one and I've found one that I would like to trade for. The problem is that I still owe money on mine. The truck that I would be trading for has I higher book value than mine but I'm not sure if trading it would be possible seeing as I owe money on mine. So I told y'all all of this to ask you this. Is it possible for me to trade my truck that I still owe money on to a private party for their truck?
Thread Starter
Old School CF Moderator
Joined: May 2010
Posts: 9,652
Likes: 3
From: Chattanooga
Year: 2001
Model: Cherokee
Engine: 4.0
If you pay it off, yes.
Otherwise they wont be getting a title. Which I dont think they would like.
The bank has your title till its paid off, until you pay it off you dont have a title to give to the new owner of the truck.
Otherwise they wont be getting a title. Which I dont think they would like.
The bank has your title till its paid off, until you pay it off you dont have a title to give to the new owner of the truck.
Senior Member
Joined: Sep 2011
Posts: 508
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I knew I wouldn't have the title that's why I was asking I wasn't sure if there was a way to get him my title and give the bank the title on the new truck and me continue paying the loan but I guess not. Thanks a lot guys.
Senior Member
Joined: Oct 2011
Posts: 845
Likes: 2
From: near Chattanooga, TN
Year: 1995
Model: Cherokee
Engine: 4.0L HO
Connor, is your current loan with a local bank? Or one that has a local branch at least? You can do the trade at the bank.
The title is the collateral on your loan. If you have sufficient collateral to swap (the other truck's title), it can be done.
If you have your loan through a bank like Bank of America, HSBC, etc, they won't have the competence and/or desire to help you. If that's the case, you should pay a visit to the fine folks at Comtrust, explain to them what you want to do, and they can make it happen. Go see Shelley at the Hixson branch and tell her I sent you.
With both trucks, both parties present, it's a simple deal.
The title is the collateral on your loan. If you have sufficient collateral to swap (the other truck's title), it can be done.
If you have your loan through a bank like Bank of America, HSBC, etc, they won't have the competence and/or desire to help you. If that's the case, you should pay a visit to the fine folks at Comtrust, explain to them what you want to do, and they can make it happen. Go see Shelley at the Hixson branch and tell her I sent you.
With both trucks, both parties present, it's a simple deal.
Senior Member
Joined: Sep 2011
Posts: 508
Likes: 0
Connor, is your current loan with a local bank? Or one that has a local branch at least? You can do the trade at the bank.
The title is the collateral on your loan. If you have sufficient collateral to swap (the other truck's title), it can be done.
If you have your loan through a bank like Bank of America, HSBC, etc, they won't have the competence and/or desire to help you. If that's the case, you should pay a visit to the fine folks at Comtrust, explain to them what you want to do, and they can make it happen. Go see Shelley at the Hixson branch and tell her I sent you.
With both trucks, both parties present, it's a simple deal.
The title is the collateral on your loan. If you have sufficient collateral to swap (the other truck's title), it can be done.
If you have your loan through a bank like Bank of America, HSBC, etc, they won't have the competence and/or desire to help you. If that's the case, you should pay a visit to the fine folks at Comtrust, explain to them what you want to do, and they can make it happen. Go see Shelley at the Hixson branch and tell her I sent you.
With both trucks, both parties present, it's a simple deal.
Thread Starter
Old School CF Moderator
Joined: May 2010
Posts: 9,652
Likes: 3
From: Chattanooga
Year: 2001
Model: Cherokee
Engine: 4.0