I need advice!! I want to swap my Accent for a Mazda3!!!

[Alazlam]

Okay guys, I need some advice.

My dad just bought a brand new Mazda 3. However, he wants to give it to me because it's my mom that's driving it and she wants my almost-brand-new Hyundai Accent (she just loves the colors on my car better).

The Mazda 3 is completely paid off in full.

I owe $11,200 for the Accent to the credit union that's financing the loan.

I have amazing credit (I'm not sure if that even matters in this situation).

Is it possible for us to exchange car titles even though I still owe money on my car? I don't want to change the lienholder; I still want to pay the Accent off myself, and I can do so very easily (my dad said that's the only way he'd do this; he also doesn't want to pay taxes on anything, if that's possible).

Also, if it is possible to do this, what do I have to do exactly? My parents are very old and they don't want to have to do much themselves. In a perfect world, I'd like to take care of everything for them.

Any advice is appreciated. Thank you!

Alazlam

[Speed3girl]

I would call the bank and ask them. They should be able to give you advice. There has got to be a way to do this.

[Rotus8]

There are different rules in each state. In California you can transfer the title between immediate family without any charge. You get the form from the DMV (again California has them on line for download), fill it out, and turn it in. Easy peasy. The financing may be a little trickier - call your bank and ask.

[ill_eagle94]

OK guys, I need some advice.

My dad just bought a brand new Mazda 3. However, he wants to give it to me because it's my mom that's driving it and she wants my almost-brand-new Hyundai Accent (she just loves the colors on my car better).

The Mazda 3 is completely paid off in full.

I owe $11,200 for the Accent to the credit union that's financing the loan.

I have amazing credit (I'm not sure if that even matter in this situation).

Is it possible for us to exchange car titles even though I still owe money on my car? I don't want to change the lienholder; I still want to pay the Accent off myself, and I can do so very easily (my dad said that's the only way he'd do this; he also doesn't want to pay taxes on anything, if that's possible).

Also, if it is possible to do this, what do I have to do exactly? My parents are very old and they don't want to have to do much themselves. In a perfect world, I'd like to take care of everything for them.

Any advice is appreciated. Thank you!

Alazlam

Step one: Take out a loan for what you owe on the Accent and use it to pay it off.

Step two: Once you get the title, you sell it to your dad for $1 and you buy his car for $1.

Step 3: Make payments on your new loan.