New answers tagged car
4
You asked a few questions,
Does anyone have any idea about this? Is everything right here? Any gotchas that I need to be aware of?
It's hard to answer those, because we're getting your description of the proposed deal, and that inherently leaves some gaps.
If we take a step back, and ignore whether or not the seller is getting taken advantage of by the ...
4
They aren't transferring the loan. The situation is that the owner of the car is upside-down on their loan. That means they owe more money than the car is worth. Lender N is willing to incorporate this deficit into the loan they are offering for the new car.
for example:
original price of car 20K
original loan balance 18K
current loan balance 15K
value of ...
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