If you have a car that is currently in reposesion status by the bank, can you use that car as a trade in towards another car purchase?
2007-06-07 02:36:37 · 7 answers · asked by bonafidebrother 1 in Cars & Transportation ➔ Buying & Selling
You can sell or trade the car, but the car will have to be paid off from the proceeds of the sale. With the bank looking for the car, most likely it is going to be hard for you to get financed on another vehicle, but if you can, you can trade your car in.
If you owe more than the value of the vehicle, you will have to pay the difference. If you owe less, then you can use the balance as part of a down payment on another vehicle.
2007-06-07 03:11:29 · answer #1 · answered by fire4511 7 · 0⤊ 0⤋
Wouldn't solve any of your problems, since the reposession is not about the car per se, but about the money you owe. And you'll still owe that money, even if you can find someone foolish enough to both sell you another car when you can't pay off the one you have, and take a car that's about to be reposessed as a trade-in.
2007-06-07 09:46:49 · answer #2 · answered by stmichaeldet 5 · 1⤊ 1⤋
No, it's no longer yours. The bank owns it and you will STILL owe any outstanding balance on the note after the bank sells the car.
2007-06-07 09:45:49 · answer #3 · answered by justme 6 · 0⤊ 0⤋
All the bank wants is their money. If they can get it because you trade the car in they will. Your problem is who will finance you with a repo in progress.
2007-06-07 09:40:14 · answer #4 · answered by Toolegit 5 · 1⤊ 0⤋
How could you be approved for a new car loan if the car you still owe on is being reposessed?
2007-06-07 09:41:07 · answer #5 · answered by Anonymous · 1⤊ 0⤋
No you can't. You need to settle your account with the bank that owns the car before it changes hands.
2007-06-07 11:20:33 · answer #6 · answered by Jay P 7 · 0⤊ 1⤋
Nope , the title isn't clear...
2007-06-07 09:39:51 · answer #7 · answered by Anonymous · 0⤊ 1⤋