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Can two private parties trade Primes with similar miles/specs, when financed?

Discussion in 'Prime Main Forum (2017-2022)' started by Lilytoes, Aug 26, 2021.

  1. Lilytoes

    Lilytoes New Member

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    This is an odd question:

    I recently sold my 13' Prius and used part of the profits to buy my dream car: a Blue Magnetism Prime. Its a 17'. I got a great deal from a dealership because it had higher than average miles for a 17' Prime.

    I'm now regretting the color. Did I think it through? I thought I did. Sometimes one can be in love with the "idea" of something (as I had been for years), but its not until you start driving around in the chosen color for an extended period of time before you realize... Okay, this just isn't me. Like, its REALLY not me. I desperately wish I had held out for a white or silver or grey, now. Of course, like most people owning a Prime, its financed.

    I have heard of people trading cars with one another. But, can two private parties trade Primes with one another if both parties have their vehicles financed? I'm sure the resounding answer is "No". Seems a little complicated, but I thought I might ask if anyone has heard of this... If the answer is no, do dealerships ever do clean swaps if your vehicle is near identical in value to another Prime they may have?

    Sorry for the ignorance on the subject.
     
  2. schja01

    schja01 One of very few in Chicagoland

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    I’m going out on a limb and say NO. Since they are financed you don’t possess the title for starters.
     
  3. Mark McIntyre

    Mark McIntyre Member

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    I agree with your assessment that the answer is no. It is NO.
     
  4. bisco

    bisco cookie crumbler

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    a clean swap at a dealership will be in favor of the dealership, the house always wins.

    why not pretend your car is a different color when you're inside?

    fwiw, i think bue mag is the best color.
     
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  5. dtsexpert

    dtsexpert Member

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    The answer is no since both party have lien title.
    This brings back my experience last year when we I met a guy (craiglist ad) trying to sell his lien title car. He asked to pay cash upfront so he can pay off his car then waited another 2-3 weeks for bank
    to clear for clean title that I would receive then do the title transfer. He said even with lien title we could start do bill of sale and the registration under my name.
    I did not proceed further. Just curious if anyone here has same experience to buy lien title car privately??
    Guy seems legit since we met at his house.
     
  6. rjparker

    rjparker Tu Humilde Sirviente

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    It is possible that a dealer could arrange it if there was money in for them. Essentially they buy and sell each car on the same day. Each buyer uses his old car as a tradein, minimizing sales taxes in states like Texas. The dealer can float titles for a month or more and takes any risk as the liens are cleared. Most dealers would want several thousand profit on each car. That money could buy a new paint job.

    Otherwise the two parties have to pay off their liens and wait weeks or months for a clear title before they can sell to each other. And still get new financing. Each party also pays full sales tax which is a waste when a new paint job might be less than the tax.
     
  7. AzusaPrius

    AzusaPrius Senior Member

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    I have sold a vehicle that was not paid off to someone.

    They got the title after I paid the vehicle off, there was no problem with this transaction, they were not there at payout.

    This is something you can do also, if both go to the dealer where the lien is at and pay off the balance, then the registered owner tells the dealer to make the pink slip in the buyers name and information.

    So the answer is yes it can happen if you want it to happen.

    The dealers will not make any extra money nor do they have to be intitled to do so, they simply want the balance paid.

    Example: Person A has a ford and person B wants it.
    They go to ford and person B pays the balance.
    Person A tells dealer to send title in person B's info.

    This can be done with both vehicles no matter what dealer it is from, no further fees would be added to do such thing.
     
    #7 AzusaPrius, Aug 26, 2021
    Last edited: Aug 26, 2021
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  8. FuelMiser

    FuelMiser Senior Member

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    I think the question was more about trading cars/loans without any cash involved. Simply one assuming the loan and payments of the other. I've heard of people assuming another's lease, so I'm sure this can be done, but it would need to be arranged through the lien holder for each car. That's where I would start at least.
     
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  9. Lilytoes

    Lilytoes New Member

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    Well, its not always "shady" when some one still owes on a car. I recently sold my 13' Prius and still owed a little on it. My buyer trusted me because I insisted we do the exchange with the presence of a bank. The bank personally certified the check and sent it to Toyota financial with the buyer and myself present. After 4 years of driving my 13' Prius and 80k miles later, the car sold for exactly what I bought it for. We also had it set up to where the title would be directly released to the buyer instead of myself. So long as it can all be done "officially" with the aid of a bank, doing such an exchange is easy breezy. ;)

    Thank you for this reply.. I'll keep looking into it.

    I'm getting use to it, slowly. I am not a "showy" kind of person and the amount of attention I get in the car is unreal. I really think its the color. Perhaps the blue mag isn't as common of a Prime to see on the road. Its freaking me out how often people almost break their necks to see who's driving the car. :notworthy: Call me shy, I guess. My old trusty 13' Prius was white and I never got any attention in it. I suppose I'm not accustomed to all the glaring and staring. One fellow Prius driver drove up next to me, and very animatedly shook his head left to right as he drove by, seemingly disapprovingly. Like... what? Again, just not use to everyone staring at my car! Hahahah!:rolleyes:
     
    #9 Lilytoes, Aug 27, 2021
    Last edited by a moderator: Aug 28, 2021
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  10. PT Guy

    PT Guy Senior Member

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    You can't swap or trade. You can mutually agree to sell yours to them and buy theirs. You'll both be on the hook for any sales tax or use tax, licensing fee, etc. For a mutual buy-sell like this, try contacting the lenders and ask if they have any ideas how the deal can be done without paying off the loans at that time.

    When buying a vehicle with an outstanding loan the seller needs to contact the lender and get the payoff amount and payoff procedure. The buyer can then gives the seller a cashiers check in the payoff amount made out to the lender and the balance to the seller...if there is a positive balance. If the seller owes more to the lender than the car is worth, then the seller must pay the balance to the lender in order to get the title cleared. Be SURE the seller pays the lender in either case.
     
  11. Salamander_King

    Salamander_King Senior Member

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    Just curious, are you saying after 4 years and driving 80K miles, your 2013 Prius did not depreciate at all? Or, you just had a hell of a deal when you purchased it either new or used... I don't know. I don't often find a deal like that, except in the case of Prius Prime purchases which I have done three times and sold two of them one was break even after 2.5 years and another was ~$4k profit after 10 mo. But that was possible only because Toyota was basically giving away PP in NE and I was able to get a full tax credit for the purchase each time.

    As for your original question about the swapping. I think @PTGuy nailed it. You both have to be in agreement to do the swap, and it will likely cost you both. For just a color change, I don't think it is worth the trouble you have to go through to pull this off successfully. Just learn to love your new BlueMag PP.
     
  12. BiomedO1

    BiomedO1 Senior Member

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    Call me old-fashioned, but I would NEVER give a check to the seller - especially if they owe more than the car is worth! If the seller flakes out and doesn't mail-in the cashiers check or it gets "lost in the mail"; you'll be rolling around in a car that may be repossessed at any time. All past due notices will be going to the seller, since the lender has no clue that you bought the car. You'll find out something has gone wrong, when you walk out and find your car is not where you parked it. The car is the collateral for the loan.

    The pink-slip/title is held jointly by the owner and the lender. Have the seller sign-off the title and deal with the lender directly. That is the only way of knowing you've got a clean title. It's easier nowadays, to pull up payoff amounts on your phone; but back in the stone ages - it took up to a week to get that information. Just because you've got the keys, don't mean you own the car.

    Also, NO money changes hands, unless the seller can show you the title and their drivers license. Match the VIN and the name to the title; to make sure your dealing with the owner. I've walked away from several great deals because; no title, VIN, or license didn't match.

    Just a cautionary tale.....
     
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