Can I Trade In My Car If It Was Used As Collateral On A Loan

Posted in Used Car Loan | Asked on Jun 22, 2010

We are wanting to trade in our gas guzzler jeep for a more economical car. However, the jeep was used for collateral on a loan. Is it possible to trade it in, then replace the jeep title with the title of the newly purchased car on the loan?

There are 4 Answers for "Can I Trade In My Car If It Was Used As Collateral On A Loan"

  1. Soula3 says:

    you can’t trade it in if this another lien on it. you would need to pay off that loan in order to trade in the truck

  2. dave007 says:

    Call up your lender and indicate your intentions. The lender will have to issue a letter of lien release to the dealership in order for them to legally accept the vehicle as a trade. Keep your original lender informed of the deal. They shouldn’t have a problem cooperating. They will check Kelly Blue Book to ensure that the replacement value of the vehicle will satisfy the collateral amount.

    Hope this helps

    Cheers

  3. Scott H says:

    No. The Jeep has a lien on it and you can’t sell it until the lien is satisfied.

  4. Sherly B says:

    Hello Friend,

    i saw your request for a loan on net so i decided to help by telling you my testimony. i am Mrs. Sherly Brown a widow who lost her husband 4 years ago. presently on a wheel-chair. After being involved in a fatal accident in my country. About 3 years ago i decided to seek financial assistance through this medium. And as God may want it, i came across a God fearing, trusted and patriotic loan lender By name Mr.Jerry Patricks who came like an angel when i felt all hope was lost.

    I got in contact with him, an he was able to loan me the sum of $42 000.00 USD.Which after investing in a business, i was able to pay back within the period of one year.Today am doing well with my business, a owner of landed properties in my country. Thank God for this man he sent.So if you are in any financial disability or wish to seek for a loan. please do contact Mr.Jerry Patricks through his e-mail address: patken_loan_inc@yahoo.com.mx

    And i know that the God that done it for me will also do it for you.

    Stay Blessed
    Mrs Sherly

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