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Here is the deal.

Need to get rid of a vehicle. 13 accord, due to amount of payments and I need a truck for work.

I'm currently upside down with honda financial. Can i roll the negative equity into a truck that i found from a private party?

Can my credit union do this?

I'm basically going to be upside down 2k on the car if I get my asking price ($500 below kbb market value).

I'm sure someone has to have done this? Can it be done with my credit union and a private party vehicle?

I don't see why my credit union can't just take out a loan for an additional 2k to cover the remainder of the car note with honda financial.

Also the vehicle in question is about 4k below market value so I should not have a problem getting the additional 2k in the loan.

Hopefully this makes sense. If not shoot me!

Thanks all!
 

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Doubt it. You will need to pay off the honda loan in full BEFORE selling the car. If you went ot a dealer you might be able to do this though as they have the means to cover the note during the buying/selling.
 

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It couldn't hurt to ask. I've never bought a vehicle via private party transaction.
Is this a straight swap between you and one other party? (i.e., you sell them your Honda and they sell you their truck) Or does this involve two different transactions from a different buyer and seller?

Presumably, if the vehicle in question is had at the right price, your credit union could still see value in floating you the additional funds to cover your negative equity.
The problem may lie in how you actually see the extra cash. The buyer of your car will give you money which you put towards the payoff on your Honda. Whoever you buy your car from, you will have to write a check to. Now, I suppose you could be up-front with your CU and ask if they can write you a check for the $2k on top of the check you need to write to the seller of the truck. If they won't, you're going to have to really trust the seller, and probably have something written up that demands he write a $2k check to you, signed, notarized, dated, etc... That sounds a little like potential fraud to me though, probably best to be up-front.

Nothing is impossible, this just creates more hoops to jump though, and the additional cash you need might cost you in terms of APR.
 

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I'm currently upside down with honda financial. Can i roll the negative equity into a truck that i found from a private party?
Here is a thought; it might not legal.

- Ask the truck private seller to make the bill of sale 2k more than the actual price you will pay him/her so you can get a loan with a designed amount. Then pay the seller with that check with 2k cash in return. Then, you can take that 2k to cover upside down from the accord. Though, you will have to pay more tax for that extra 2k.
 

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The credit union my agree to allow you to roll over the negative equity

I'm a salesperson for VW, and I know a bit about how these things work. Banks and C/U go off LTV (loan to value). LTV is based off MSRP. Rebates, dealer cash, discounts from MSRP will help you levy your negative equity. LTV can be extended upto about 125% of a vehicles worth for people with perfect credit situations. the worse the credit the lower the "carry," hence cash down. Anyhow, you would need to talk to the C/U and see what they can do for you.
 
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