Need some input on doing a vehicle swap

[shaunus88]

Morning Lads,

In a strange set of circumstances whilst looking for new cars (BMW 335) I came across one that has so far ticked all the boxes. Vehicle is located in Perth and I am in Kalgoorlie. Will be heading to Perth for a week and will arrange a viewing then.

However, the guy selling the BMW is chasing a 4x4 Diesel Ute and is interested in mine! I am unsure on whether he owes any money on the BMW however, I owe some still on my Navara. Obviously the BMW is worth more and we have briefly discussed a reasonable figure on top of the trade which of course is subject to viewing both the vehicles.

How would one go about this?

Do I go to my bank and get a payout figure?

Do I go and get a new loan and get the remainder of my current one paid out?

It's all a bit of a head f*ck atm trying to work out the best way to go about it.

Any help would be greatly appreciated guys.

Cheers

 

[Cobia]

Hi Shaunus88,
You need to pay out your car loan and he needs to pay his out. By doing that you will both have clear title. You should get him to get a current payout figure from his loan provider and make cheque or payment direct to them for the payout figure and give him the balance.

 

[bods]

Depending on how much difference there is between how much you can "sell" it for, the easiest way is to get a loan to make up the difference, unless you have the cash in the bank to pay the balance out yourself. Get a current payout figure so you know what you are up for when he gives you an offer.

If there is to be money his way, then the easiest way would be a personal loan, pay your current car loan out and pay him the balance....

 

[Bad Juju]

Get a cert from REVS.

http://www.revs.com.au/

This ensures there is no encumberance on a vehicle you buy.