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Roger
Roger, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 31766
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: 1 year ago.
Category: Consumer Protection Law
Expert:  Roger replied 1 year ago.
HI - my name is ***** ***** I'll be glad to assist.
Customer: replied 1 year ago.
Ok
Expert:  Roger replied 1 year 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 1 year 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 1 year ago.
If you need anything further, please let me know. Thanks!