How do i switch cars?

Question

A co-worker of mine has a car that he wants to get rid of, he is still making payments on it. I also have a car, its a 2007, I am still making payments on it, we want to trade cars, how does that work? please be in detail, i have no idea how this works?

Answer 1

If there's a lean against the vehicle, he has to "buy" the car from you. If you want to trade cars, he has to take out an auto loan for the amount you owe, and you do the same for his car. There's not gurantee the payments and the interest rate will stay the same. But that's the best way i can think of.

Answer 2

I dont think it is possible without consulting some type of legal advice.

Both vehicles are still financed which will cause legal issues.

Your insurance company should be able to provide some measure of direction etc...