trading in a car thats not yours?

Question

okay so my brother gave me his car and told me i had to pay off the rest of his car inorder to keep it so I kept it making payments on it everything is fine, however I want to trade it in, the two door thing isn't working out as well as i hoped and I want a 4 door car, PLUS i want to start building my own credit instead of his, can I take it to the dealer and they trade it in? It's a 2001 chev 2dr 2wheeldrive blazer, with 80k miles, I owe 2,800 kbb says its worth 5,300. Any advise?

Answer 1

Sell it and then buy the car.

Answer 2

Heres the proper question. Does your brother have the title or is it still financed. If you owe 2800 on it and it is financed then the payoff will have to be taken care of before you can trade this car. However, your payoff can be rolled into your loan or wipped out but the equity. Your brother must be there to sign over the title to the trade though.

Heres how it would work:

New Car Costs you = 10,000
They Give you = 4,000 for your trade
Car Cost = 6,000
You owe = 2,000
Total financed = 8,000

Hope that helps you out.

Answer 3

The easiest thing to do is sell the car yourself. Pay off the loan and get the title. Your brother will have to sign the title over to the new owners.

Take the balance of the money and use it as a down payment on your new car.

Answer 4

Will trade ya an old lawn tractor with a bad engine and leaking transmission. Three flat tires. Torn seat.

Answer 5

Unless you have the title in your name, no one is going to take it in on trade because you don't own the car. Get your brother to sign it over to you...the lending institution may actually have the title though and they will want to be paid before they turn it over. If you've been paying by check (proof you've been the one paying), you and your brother might talk to the loan officer, explain the situation and they may consider you a better credit risk than he and work things out in your favor.

Answer 6

If the title is in your name go for it. First call a bank and ask what rates you can get. Then talk to the dealer, they sometimes will try to throw a couple of percent to the interest. Be careful of that. Take all your paperwork with you. Good Luck!!

Answer 7

This is tricky.... You can't trade in the car because legally it's not yours. Your brother can't sell it to you because he still owes 2800 on it. I think you have two options.

Pay off the car and have your brother sign it over to you, then you can trade it in on a new car.

If you don't have 2800 lying around (most of us don't), then have your brother go with you to the dealership. He can trade in the car and the dealership will payoff the loan. The equity of that car can then be put into your new car.

Answer 8

Remember when you look at KBB make sure you look at trade in value NOT retail. KBB IS JUST A GUIDE NOT A BUYER OR SELLER!

here is a kbb trade in value from kbb

http://www.kbb.com/KBB/UsedCars/PricingReport.aspx?YearId=2001&Mileage=80000&VehicleClass=UsedCar&ManufacturerId=9&ModelId=61&PriceType=Trade-In&VehicleId=OS83LzIwMDd8Mzg5NQ%3d%3d&SelectionHistory=3895%7c4088%7c60515%7c0%7c0%7c149214%7ctrue&Condition=Fair&QuizConditions=


You can trade it in however he will need to sign a 3rd party trade-in agreement,

Answer 9

yes you can trade it in,you might get lucky and catch one of those sells where they,ll pay off your trade in,if you can do this you can come out ahead on it,but they will allow you to trade it,you,ll need the title though to do this,but it should trade real good ,that's low miles on it,so you should get top dollar for it,good luck with it.

Answer 10

You can only do this if your brother goes with you and signs off authorizing you to do so. It really shouldn't be a big deal, but it won't happen any other way.