car in my name, but my brother pays it, can he trade-in the car for a car in his name???

Question

he tells me that all i have to do is sign a power of attny and he can trade in the car in my name for a car in his name and i my name will be cleared???? is this true and is it legal???

Answer 1

Yes He can trade the vehicle in...as long as you are there with him...it really isnt a big deal....BUT....you have a loan for this vehicle that I am assuming is only in YOUR name...if so...you have to make sure the loan is paid out when the vehicle is traded in....you can not CONTINUE payying the loan....the complete balance becomes due when you trade or sell that vehicle. If you are going to a dealer they will explain the process....in short yes it can be done

Answer 2

If the car is in your name and there is a loan balance, the bank or lending agency controls whose name comes off the title. They are not likely to let you take your name off the loan unless it gets paid for. If your brother has enough credit to get a car on his own, you might be able to work that out. I am guessing that is the problem and you are stuck. I would not sign on for a bigger loan if he is having problems paying this one.

Answer 3

Is the car paid off? If it is, just sign the title over to him. I wouldnt give anyone a power of attorney. Not saying you shouldnt trust him but there are many things he can do with your power of attorney.

Answer 4

Yes. If you go with him to sign over the title, or give him legal power of attorney to do so. I wouldn't recommend the last option, but you can do it.

Answer 5

I agree with southpaw. you don't need the extra step of power of attorney, just go with him and sign the title over to the person he is getting the car from.

Answer 6

if you sign the title over to him then yea he can. but if you dont sign, then no, the car is still legally yours

Answer 7

No. You would still owe the money if you have a loan. Ten points for ingenity though.

Answer 8

yes

Answer 9

ya