How to Trade Cars

[stuiedaman]

Alright, so I recently bought a 2007 Mustang. I have found an RX-8 on CL that I want to trade my Mustang for. Problem is, he still owes on the car and does not own the title. I on the other hand do own the title. We want to trade 1 for 1. How would we go about doing this? Would he just transfer his loan to the Mustang after we trade? Would we have to be paying sales tax? What I thought we could do is just sell each other our cars for $1 so there would be hardly any tax ($0.07), but then how would we deal with the titles and loan? Also, we both live in Nebraska. Thanks!

[Ray paulsen]

There's no problem here,,, he pays what he owes,,, gets the title,,, you guys then go to the DMV ,,, and you both live happily ever after in Nebraska.

[Jamesfranklin]

Certainly, when both the parties are agree with each other and paying what the other party desires, there should not be any problem at all. There may be some documentation involved, but you can easily carry them out. Just get the title asap and finish your deal.

[phillipshaw]

Originally Posted by stuiedaman

Alright, so I recently bought a 2007 Mustang. I have found an RX-8 on CL that I want to trade my Mustang for. Problem is, he still owes on the car and does not own the title. I on the other hand do own the title. We want to trade 1 for 1. How would we go about doing this? Would he just transfer his loan to the Mustang after we trade? Would we have to be paying sales tax? What I thought we could do is just sell each other our cars for $1 so there would be hardly any tax ($0.07), but then how would we deal with the titles and loan? Also, we both live in Nebraska. Thanks!

The thing is complicated. The answer in your second question is NO.. If you trade your car with his car you will shoulder the his loan... Still want to trade your car? if yes then I have solution about it.. He will pay it to you.. or get an agreement with him.. secure your self that he will pay for his loan after the trade and your not responsible for it... or wait for time he finish paying the loan...

[Tracee J. Overton]

Originally Posted by phillipshaw

The thing is complicated. The answer in your second question is NO.. If you trade your car with his car you will shoulder the his loan... Still want to trade your car? if yes then I have solution about it.. He will pay it to you.. or get an agreement with him.. secure your self that he will pay for his loan after the trade and your not responsible for it... or wait for time he finish paying the loan...

I think I will say no.