Does anyone have any info on this or has anyone done this before?
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I have a 2011 silverado with 18k left on it my buddy has an 08 sti with 13k left on it
You can’t just trade debt from one person to another. And you can’t compare what is left on the loan, you need to compare what each vehicle is worth. You’ll each need to get new loans for each others vehicles.
You can’t trade but there is a possibility that you can assume each others loans provided the terms permitted it on each individual loan, though I cannot see why anyone would ever want to do that. If they are leases its a different story.
Your best bet is establish each car’s value versus whats owed and go from there with new loans.
Like they said, you get a loan to pay off his lien and he gets a loan to pay off your lien. Then you each have a new loan for the vehicle which you now own.
and if you don’t finder a dealer to broker them both as trades you both pay full tax as if you just purchased a new car with no trade-in.
Is there any scenario where you wouldn’t have to pay the full tax? On the DMV form, it specifically asks for value of cash or property traded in the purchase of the car, and you have to pay the full sales tax on that amount. So even if you didn’t pay a dime, but you traded a big diamond ring valued at $8,000 for a car, you would still have to pay tax on $8,000 at the time of registering the vehicle.
No legal way around it