The current car that I'm driving is in a family members name.I know that most banks wont finance a private party purchase.I pay the car loan every month even though it is in my parents name.Is it possible that the car can be traded in towards a car purchase in my name,or a bank that would finance a private party purchase.I'm not eligible to join a credit union in my area as I don't meet the membership requirements.
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Filed Ch 7 Petition: 03/24/09
341 Meeting: 04/29/09
Discharge Due: 06/29/09
07/01/2009 Discharged
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I don't see why it couldn't be traded in on a different car in your name as long as whoever has it in their name is there to sign off on it. -
Oh ok,so it wouldn't be a problem that there is a loan on the vehicle.Would the dealership still pay off the trade-in?Filed Ch 7 Petition: 03/24/09
341 Meeting: 04/29/09
Discharge Due: 06/29/09
07/01/2009 DischargedComment
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Yep, they will pay it off depending on the loan amount and the value of the car. The worst that might happen is if you owe too much on the car, they might tack on that amount to the new loan.Comment
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