Trade in car with loan?

Asked by Guru9B687R Jul 01, 2021 at 11:43 AM about the 2017 Ford Fusion SE

Question type: General

Hello, My question is that my parents own my current car. It has a loan on it for
about 14K. I would like to purchase a car. Can I use the current car as a trade
in or am I SOL on that? Would I be able to out right sell my current car and use
whats left after the loan for a down payment?

3 Answers

F_O_R answered 3 years ago

Check the value compared to the loan balance. Unless the car is in your name you cannot sell it or trade it in.

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James answered 3 years ago

If you don't own the vehicle you can't do anything with it. Plus you don't want to roll $14,000 into a new loan! Your payments will be super high and you'll be paying for two vehicles, one of which you no longer have! Not a good idea! Hope that helps! Jim

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CITYLIFE404 answered 3 years ago

Can’t use current car as trade in... but u can finance the fusion for 5 years and payments would be under $200/mo

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