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Roger
Roger, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 31018
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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If I have a car and want to trade it in with a balance owed

Customer Question

if I have a car and want to trade it in with a balance owed on it and the car is being used as my ex wifes trade in am I responsible for the whole new purchase price of the new loan?
Submitted: 7 months ago.
Category: Consumer Protection Law
Expert:  Roger replied 7 months ago.
HI - my name is ***** ***** I'll be glad to assist.
Customer: replied 7 months ago.
Ok
Expert:  Roger replied 7 months ago.
No, you wouldn't be responsible for any of the purchase price of the new loan unless you sign the loan documents. The only thing you're responsible for is the debt on your current vehicle, and if money from the transaction pays off that vehicle balance completely, then your obligation is fulfilled.
Expert:  Roger replied 7 months ago.
However, if you sign the loan documents for the new vehicle -- either alone or with your spouse -- you'd be liable for the entire balance of the new loan.
Expert:  Roger replied 7 months ago.
If you need anything further, please let me know. Thanks!