Question about a loan?
 

So I have a 2014 ford fusion with a 9K loan on it. I have found someone that possibly wants to straight trade there FRS for my car. Their car is paid off. Is the only way to do this to pay off my loan in full to get the cars title and make the trade? Is there a way to keep my loan and make the switch of titles? I need to call my bank to figure this out, but figured id ask here since its a sunday and I am trying to figure this out to make a plan to check each others cars out.

Also if i have to pay off my car loan before the switch I am still going to need the 9K loan but how would that be possible because I would need to make the check out to myself for the loan haha.

Thanks ahead of time

Pay it off
refinance

You have to get another loan (if you don't have 9k) with the frs as collateral. I wanted to do this once but as far as I could figure out the banks will not do a straight trade and just put the frs on your loan.

The loan is tied to the car, so you'll have to pay it off and then assume a loan for the FRS. If both of you can agree on terms, you both can just go to your bank and I'm sure they'll be able to help you get it sorted out.

Thanks, So i can apply for another loan for the frs and use that 9K to pay off my old loan? They would allow that check to be payable to my account?

Not sure if I am reading that correctly or not haha.

Called my bank and it needs to be paid off before anything happens. I expected this, but was hoping there was a way around it. Looks like im not getting an FRS yet considering I wont have enough money to pay it off and make the trade. Back to trying to sell it. Damnn

They won't refinance? Would have thought they would (they will probably rape you on the rate though)

Im guessing because its 2 private parties is the reason :thumbdown: was so close to having an frs, now I get to extend the wait haha

Is the person with the frs a friend ?


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That's a little crazy - did you actually go down there and talk to a loan officer at the bank? If you just spoke with some unhelpful schlub on the phone, they may be feeding you bad information. If I was you, I'd go down there and talk to a branch manager or loan officer. Explain to them what you want to have happen and see what your options are.

Alternatively, if you could agree on a sales price on the FRS (instead of a trade), you could sell your car to somewhere like Carmax, then use the proceeds to buy the FRS + loan for any difference remaining. Then the other guy would be free to find another vehicle similar to yours that he wants.

Nope, just someone on craigslist

Nope all through the phone. It sucks because all I want to do is switch cars and keep my loan. But since the bank basically owns my car they said i have to pay it off before i can get the title to make the trade. I may try going there in person. If not I will just sell the car, pay my loan off and be in the market for a frs. Such a pain haha

I'd go talk to someone. I've gotten bad info on the phone too. Refinancing using the FRS as collateral is exactly what you are trying to do and what you should tell the bank(maybe they misunderstood you?)

I hope the misunderstood me. Im going to stop in sometime this week or call again and find out for sure. thanks!