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Trading in car while unemployed

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Trading in car while unemployed

A family member got a loan on a new car from Ford a couple years ago. They currently owe about $15k on it and recently lost their job. Another family member is selling her car, which is $10k. The cheaper car is low mileage and arguably more reliable than the Ford. I'm wondering if Ford would buy back the Ford my family member purchased, and give them a new, lesser loan for the other car? I'm guessing they wouldn't since the family member is unemployed, though it is for a lesser amount, so i wasnt sure. Thank you for any feedback.

2 REPLIES 2
Community Leader
Super Contributor

Re: Trading in car while unemployed

A Ford dealership will buy a car, but depending on the value versus what's owed, your family member may have to pay the difference to the finance company, and when selling the car, that amount becomes due immediately. Ford will not finance a personal vehicle from another family member, the first would have to go to a bank or credit union. And lastly, nobody will finance them if they have no job unless there's a co-signer, and even then, some banks and CU may not let them be on the loan when they find out they're unemployed.







Message 2 of 3
New Member

Re: Trading in car while unemployed

That all makes good sense, thank you!

Message 3 of 3
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