is it okay to exchange laptops

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Exchange with who or which store?
You would have to reset the laptop back to factory default using the HP recovery partition which should remove your account.
 
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as Bastet says, all depend on with who.
if family member, I'd just delete my login account therefore removing all personal files.
if someone you don't know, I'd format the hard drive, and reload Windows afresh, destroying all previous data.

or personally, what I like, is to replace the drive.
new owner gets a new drive which they love, you keep the old one, for example, as a backup, and there's no way for any incriminating data to be found (tax files, financial data, dodgy browser history, etc.
 
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oh, in that case, no idea - only you can decide that.
for you to be considering it, you must think it has merit, at least for you, no idea if your friend thinks it's a good trade.
 
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