No, I still owe 7k in payments on my loan for the car, the debt won't just disappear because I sign the car away and I don't have 7k to pay it off all at once... Definitely can't pay off 2 loans and own 2 cars so he's essentially giving me 7000 to take the rest of my debt off my hands because the car is not fully paid off, then the new car I will have to get a new loan for.