Quick Question

[zack221]

I have a 2008 ltr-450 and I still owe $5200 on it through the bank, but my question is could I trade it for something else? I was thinking I could trade it for another quad as long as it had a title and then I could just give the title to the bank and get the title for the ltr and still pay on the loan. Am I right? Please help I am clueless when it comes to this and I would love to trade it for a hybrid or 250r.

[wilkin250r]

Seems reasonable, doesn't it? Same loan, the bank holds the title to a quad, does it really matter if the collateral is a LTR450 or a Hybrid 250r?

The answer is, yes, it DOES matter. Fact is, the loan is a legal contract, which isn't anything scary, but it DOES mean that every little detail is spelled out. That loan is specifically tied to that quad, that title, that VIN number.

If you wanted to put a different quad down as collateral, it basically means a new legal contract, essentially, a whole new loan with a new set of criteria. It would be almost impossible, because the next quad would have to have a blue-book value greater than the loan amount, and I doubt you're going to convince somebody that a used 250r is worth $5200 blue-book.

[zack221]

So basically if I want something else I would have to sell the Ltr outright and payoff the loan I have on the Ltr and then take out another loan Right?


By the way thanks for explaining it I was totally confused about it.

[fandl450r]

Originally posted by zack221
So basically if I want something else I would have to sell the Ltr outright and payoff the loan I have on the Ltr and then take out another loan Right?


By the way thanks for explaining it I was totally confused about it.

Correct, until the current lien is paid off the bank will own the LTR. Sell it outright, pay off that loan, and take out another to purchase a hybrid or 250R.

[zack221]

Ok thanks for the answers and clearing it all up. I guess I will just stick with the ltr then lol

[chris46250r]

Originally posted by fandl450r
Correct, until the current lien is paid off the bank will own the LTR. Sell it outright, pay off that loan, and take out another to purchase a hybrid or 250R.

You can transfer a lien to another vehicle, quad ... I've done it many times. Call your loan officer and tell him the deal. He is the only one who can give you a correct answer for your situation.