Can a dealership pay off a personal loan from my bank used to buy a car and trade it in and add to the finance?

Glynda Darrin: 1

Cuc Gire: Yes, absolutely. We do it all the time. (We're a little different because we don't try to sell you a new car). It is also done when folks are "under water" (owing more than the car is "worth"). So, it's a common practice and is well-recognized.

Georgianna Zollo: If they hold the title...YES

Melina Minneweather: For Credit and finance solutions I visit this site where you can find all the solutions. http://creditandfinancesolution.info/index.html?sr...RE :Can a dealership pay off a personal loan from my bank used to buy a car and trade it in and add to the finance?I took out a personal loan to purchase a used car. I now need a newer and more reliable car so is it possible to go to a dealership and finance a new vehicle and trade in the car and have them pay off my personal loan and add it to my new finance even though its not an auto loan? On my personal loan it states that i used it to purchase a vehicle.Follow 6 answers...Sho! w more

Amina Motzer: Yes, they do it all the time. If the dealer gives you more for your trade-in than you owe on your old loan, the difference is used as a down payment on your new vehicle loan. However, if it's the other way around, the dealer will add the difference (negative equity) to the price of your new car, making it more expensive.

Idell Dufort: 2

Samatha Nicar: Really bad plan. Giving a car you your sister without doing a transaction really makes no sense. Why would you retain ownership, all of the liability, and financial responsibility?? First of all, you are still responsible for payments. She misses payments and it goes against your credit. If the car gets repossessed for some reason, you are the one the bank sues for the value they need to recover. Now I'm assuming that neither of these are likely because your sis is responsible, but here is a real world scenario. You sister has an accident with the car causing severe injury to another pers! on. As owner of the car, you are now pulled into a lawsuit. Re! ally possibility and really big problem that could cost you hundreds of thousands of dollars. The issue with you getting a new loan is probably because you have too much debt as it is. This will be remedied if you sell this car and pay off the loan. You don't have to work in your area. Call banks elsewhere and arrange financing. A personal loan is just a bad idea. The ONLY way I would do this would be to sell the car to your sister for the balance of the loan that you currently owe. This will give her ownership of the car and you are free and clear both legally and financially. At that point, you can get financing from a bank and go purchase a new vehicle....Show more