Trade car in with a personal loan lein on it?

kevin R asked:


Have a car I’d like to trade in (paid older car), but a few years back I got a personal loan and used my car as collateral. Can I trade my car in? Will the dealership pay my lein off and maybe add it to the new car? The loan was $1500 and I don’t have the money to pay the loan off in full (it’s in default)

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Tags: Car Dealership, Car Loan, Lein

This entry was posted on Saturday, March 21st, 2009 at 1:05 am and is filed under Personal Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Trade car in with a personal loan lein on it?”

1. Ray E Says:
   March 21st, 2009 at 11:04 am

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   Yes they will pay of the exciting loan ??? why when cannot afford to pay off the loan you have, you are just getting deeper IN debt

2. Mary B Says:
   March 22nd, 2009 at 3:06 pm

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   If the bank is a lien holder listed on the title you must have their signature to trade in the car. If you are getting a new car loan they would probably roll over the balance into their loan and pay off the bank. The bank will demand payment before signing the title.

   A website I’ve recommended in the past would be…

   Good luck

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