Can i privately trade my truck for another car even if i still owe money on my loan?

Question by : Can i privately trade my truck for another car even if i still owe money on my loan?
im talking no dealership, just a straight out trade... my truck for his car. and then just keep paying my monthly loan payment?

Best answer:

Answer by wiseornotyoudecide
nope dealership or lending company has to sign off on the vehicle and unless that person is willing to take on the vehicles payments your are out of luck. Also the lending company would have to approve that other person before he can take over the payments. Sounds easy but for as long as you owe that vehicle is the property of your lending company.

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