Interesting Car Trade In Question...

[Wynn]

I have an interesting question, and it might be kind of hard to put into words so bear with me.

My DD is a 96 F150, and it has some problems. My girlfriend currently drives a 99 Ranger, and it's in good shape. We just had a baby boy, and are planning on being together forever (or at least 18 years lol). Here's what I want to do, and I want to know how it would work.

I want to take over her payments on her truck.. basically buy it from her. Then, I will go with her to find a vehicle, and when we do I'll trade my truck in as a down payment for her new vehicle. In the end, she'll have a new truck, I'll have a new to me, good running truck, and I can get rid of my F150.

I guess my questions are..

1) Can I give my truck to the dealer as a trade toward the value of whatever she finds?

2) How do I transfer her Ranger to my name, since the bank still has the title?

3) How's that work at the DMV? Can I have her put, say, $500 as the purchase price of the truck? (Helps lower the taxes... and I don't want to hear any 'that's not ethical or legal BS).



Thanks for any replies... :beer:

 

[king nothing]

I have an interesting question, and it might be kind of hard to put into words so bear with me.

My DD is a 96 F150, and it has some problems. My girlfriend currently drives a 99 Ranger, and it's in good shape. We just had a baby boy, and are planning on being together forever (or at least 18 years lol). Here's what I want to do, and I want to know how it would work.

I want to take over her payments on her truck.. basically buy it from her. Then, I will go with her to find a vehicle, and when we do I'll trade my truck in as a down payment for her new vehicle. In the end, she'll have a new truck, I'll have a new to me, good running truck, and I can get rid of my F150.

I guess my questions are..

1) Can I give my truck to the dealer as a trade toward the value of whatever she finds?

You would probably have to sign your truck over to her, then she could use it as a trade in

2) How do I transfer her Ranger to my name, since the bank still has the title?

You will probably have to get a loan in your name to pay her loan off. her bank is not going to release the title until the loan is paid

3) How's that work at the DMV? Can I have her put, say, $500 as the purchase price of the truck? (Helps lower the taxes... and I don't want to hear any 'that's not ethical or legal BS).

Most of the time the DMV will use the "book" value to avoid people cheating on the taxes



Thanks for any replies... :beer:

Replies in bold

 

[Wynn]

Thank you

 

[ghall]

You would be far better off to sell the f-150 yourself on like Craigslist or your local newspaper or on autotrader. You won't get anything for it trading it in, they might "show" you a grand or so.

If you decide to trade it in, you will not have to transfer title to your gf for you to use the credit towards a down payment. The dealer doesn't care whose name it is in as long as it's a loan-free clean title.

HTH

 

[99cobrablack]

If my county went by book value on taxes I would tell them to F off.

 

[floyd4ford]

Sounds like true love!

 

[Wynn]

Sounds like true love!

:lol:

 

[txyaloo]

If my county went by book value on taxes I would tell them to F off.

When state statute tells them to go by SPV, you wouldn't have much luck.

 

[Blackedout]

I guess the two of you could get married... Then what is yours becomes hers and what is hers becomes yours.... :shrug:

 

[yellowbra]

I have an interesting question, and it might be kind of hard to put into words so bear with me.

My DD is a 96 F150, and it has some problems. My girlfriend currently drives a 99 Ranger, and it's in good shape. We just had a baby boy, and are planning on being together forever (or at least 18 years lol). Here's what I want to do, and I want to know how it would work.

I want to take over her payments on her truck.. basically buy it from her. Then, I will go with her to find a vehicle, and when we do I'll trade my truck in as a down payment for her new vehicle. In the end, she'll have a new truck, I'll have a new to me, good running truck, and I can get rid of my F150.

I guess my questions are..

1) Can I give my truck to the dealer as a trade toward the value of whatever she finds?
You will have to sign the truck over to her for her to use it as a trade in2) How do I transfer her Ranger to my name, since the bank still has the title?
You would have to get a loan in your name and then get the title signed over to you3) How's that work at the DMV? Can I have her put, say, $500 as the purchase price of the truck? (Helps lower the taxes... and I don't want to hear any 'that's not ethical or legal BS).
You can put gift on there so you don't pay any taxes on it

Thanks for any replies... :beer:

Replies in bold

 

[Camaro_94]

Replies in bold

What he said.

 

[Wynn]

Thanks for the help guys ill be getting a loan shortly to get the process going.

 

[03OxWhiteMach]

If you're in "true love", leave the Ranger in her name and make the payment on it monthly... you have nothing to worry about, right? Then you don't have to go through the hassle of obtaining a loan, most banks don't want to loan on a used 99 Ranger anyway.

As far as the trade in goes, I don't think you need to sign the truck over to her. Sign it over to the dealership and the truck is theirs regardless.

 

[DomesticAbuse]

If you're in "true love", leave the Ranger in her name and make the payment on it monthly... you have nothing to worry about, right? Then you don't have to go through the hassle of obtaining a loan, most banks don't want to loan on a used 99 Ranger anyway.

As far as the trade in goes, I don't think you need to sign the truck over to her. Sign it over to the dealership and the truck is theirs regardless.

makes the most sense
easiest way to do it

 

[Cammer281]

As far as what your trying to do, I don't think that it's LEGAL OR ETHICAL !!!! LOL I had to......

 

[4u 2 nv]

as said before you dont have to sign over or give her your truck to trade it in...the dealership will care less whos name it is in when they title it over to themselves.

and i 100% agree with just continuing to make her truck payments. You will have a VERY VERY VERY hard time getting a good rate on a 99 Ranger. I would even be suprised if someone actually did give you a loan..that thing is almost 12 years old.

 

[SHOdown220]

Some people are posting to just leave the ranger in her name and u make the payments, which sounds smart, but, you can't forget she will not be able to get a new loan for a vehicle if she already has a vehicle loan on her name/credit, unless she has amazing credit and a ton of income with very low bills on her. My suggestion would be to personally go to her bank/credit union, and speak with someone about refinancing the vehicle under your name. That may be difficult because of age, but you never know. Hope this helps