Second Generation Nissan Xterra Forums banner

1 - 11 of 11 Posts

·
on line
Joined
·
704 Posts
Discussion Starter #1
Hi guys,

I am curious what is a normal process of trading cars? I have a car that is still paid paid off (no title) and I am thinking of a trade. How does that work? Basically, all I want to do is to get the same car w. auto tranny. My car is the "other" vehicle of the house and essentially it is used for road trips, off roading and when the primary vehicle needs to be repaired. Unfortunately, my other half is not wired for driving a manual and I am thinking of a trade. It really sucks when we go on long trips of if her car is broken (and she cannot take mine).

If you have experience with trading, please let me know of any ins and outs.

Thanks!
 

·
on line
Joined
·
331 Posts
I think what you want to do is trade a car in that you still owe money on. It is actually very simple, as a lot of people trade in cars they still owe money on. If you owe more than it is worth you have negative equity and that is bad. If you owe less than it is worth you will be in ok shape.

Assuming the trade value is more than you owe on it they will apply the diference to your new car purchase. If your current vehicle is worth less than you owe they will add the difference to your new car purchase meaning when you left the lot you would have a loan for the amount of the new vehicle plus the amount over your trade in value you owed on the last vehicle.

Either way when you are offered to purchase gap insurance do it.
 

·
on line
Joined
·
704 Posts
Discussion Starter #4
Ah sorry, I have to clarify something. By trading I mean trading with a private party.

I have noticed some messages on this board and XOC where people wanted to swap cars privately. The trade-in at a dealership is not something I am too excited about. But if there is an X owner that wants to get 6MT instead of the AT and the cars are comparable, then I could trade.
 

·
on line
Joined
·
32 Posts
Ill trade you my 2005 2wd SE Auto - straight up. No questions. Deal?
 

·
on line
Joined
·
704 Posts
Discussion Starter #6
Ha :) Looking for a 4x4 OR AT.
 

·
on line
Joined
·
3,272 Posts
So in essense you would just take over each others' payments? never really seen it done privately.
 

·
on line
Joined
·
735 Posts
you need to sell each car to the other person for $100 (according to a bill of sale) so they only tax you on a small amount. This will also put your registration at the basic rock bottom of the scale (depending on state). you don't want to say your car was worth $3500 but was swapped in barter- just sell to each other for $100.

if they are older cars, who is to say they didn't have bad motors and/or transmissions. the dmv won't ask any questions, but will take the $8 tax and whatever title transfer fees from each of you. you both may have to get a smog check too if you live in a place that has e-checks.

that's about it..don't forget to fill out a release of liability and touch base w/ your insurance company.
 

·
on line
Joined
·
15,651 Posts
Doing a trade privately is a real PITA when loans are involved. Best bet is to contact the loan company and ask them.
 

·
on line
Joined
·
15,651 Posts
mike100 said:
you need to sell each car to the other person for $100 (according to a bill of sale) so they only tax you on a small amount. This will also put your registration at the basic rock bottom of the scale (depending on state). you don't want to say your car was worth $3500 but was swapped in barter- just sell to each other for $100.

if they are older cars, who is to say they didn't have bad motors and/or transmissions. the dmv won't ask any questions, but will take the $8 tax and whatever title transfer fees from each of you. you both may have to get a smog check too if you live in a place that has e-checks.

that's about it..don't forget to fill out a release of liability and touch base w/ your insurance company.
That's not always true. In PA they base your tax on the fail market value of the vehicle when you go to register it. So if you buy a $10,000 car off someone for $1, the state will still charge you the tax based on the $10,000.
 

·
on line
Joined
·
735 Posts
Muzikman said:
mike100 said:
you need to sell each car to the other person for $100 (according to a bill of sale) so they only tax you on a small amount. This will also put your registration at the basic rock bottom of the scale (depending on state). you don't want to say your car was worth $3500 but was swapped in barter- just sell to each other for $100.

if they are older cars, who is to say they didn't have bad motors and/or transmissions. the dmv won't ask any questions, but will take the $8 tax and whatever title transfer fees from each of you. you both may have to get a smog check too if you live in a place that has e-checks.

that's about it..don't forget to fill out a release of liability and touch base w/ your insurance company.
That's not always true. In PA they base your tax on the fail market value of the vehicle when you go to register it. So if you buy a $10,000 car off someone for $1, the state will still charge you the tax based on the $10,000.
What if your car is a real POS?- gotta be someway to get that adjusted. In CA, they don't have time or personnel to do anything except take your money. anyways, a lot of the western states and CA work off of what you SAY you paid. Just covering the bases if that is the case (I did give a state by state disclaimer)
 
1 - 11 of 11 Posts
Top