Thread: Free Car!
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Old 05-10-2004   #12
Goat Blower
aka Goodbye
 
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Asteroids Champion! Beach Squirter Champion!
Join Date: Oct 2003
Location: under the car
Drives: Taylor Made R15
Posts: 7,765
This kind of transaction would be called "assuming the loan". If you owe more than the car is worth, you're "upside down" on the loan. On the good side, if the damage isn't too bad, you're asking about dealer auction price for the car. A decent deal for someone besides me. :bounce:
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