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Posted in Auto Loans
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Jbear4525

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New car with fiancé
I have a score of 653. I owe $11,000 on a car worth $6000. My credit was very bad when I got it and the interest is over 23%. Dumb, I know. My fiancé wants to get a new car with her credit because her credit is near perfect. Can I trade in my vehicle and roll over the $5000 in bad debt to a loan in her name? What are some suggestions?

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Clarify

i should clarify that the car is for me. I need a vehicle with better gas mileage as I am driving an hour to and from work

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I seriously doubt it. A move like that would put the lender upside down, and they aren't going to do that, even for someone with excellent credit. Sell your car (don't trade it in--you won't get anywhere near market value for it) for what you can, and then buckle down and pay off that extra $5K. It will suck, but the payoff to keeping that account positive is a car loan with a perfect payment history looks very good on your credit report. 
I also wouldn't buy a brand new car. You can get a good, reliable used car for thousands less. Do your homework on reliable makes of automobile that aren't going to become money pits. From what I've heard and read you can't go wrong with Toyota or Honda.

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