Trade in my used truck

Well then you got a problem!!!

 

That year most of them add electric problem with them I had one on I would be going down the road 75 miles on hour and it would cut off no power just blank on then return as if I turn it on one time going down a hill and there it off no lite no nothing just say I thought that was it for me and when it restarted I drop my load on drop it off to quality

 

They won't buy it if you're upside down. They want you to have skin in the game. Best way to get the most for it is repair it yourself. Maybe buy a new truck while you also pay off the old one, get it repaired and put a driver in it.

 

If you still owe on a 14 year old truck and want to get a loan on a new one in this day and age. You are already out of business. Just cut your losses and drive for someone else. Dealer is doing you a favor.you should be owing that much on a 2021.

 

It was only a 6 year old truck even the op started this thread.

 

6 years later GREAT advice!!

 

Not illegal, just extremely ill-advised and more difficult than trading in a vehicle you own outright. When you trade on negative equity like that, you have to finance both what you owe on the trade AND the cost of the purchase... not a lot of lenders willing to buy out the remainder of existing loans, and it's generally a bad idea even if you have a finance company willing to take on that level of risk, for hopefully obvious reasons.

Speaking from experience on this one... my last trade was on $15k of negative equity. Ended up getting a $70k loan for a $55k pickup. I could afford it at the time, but it's repeatedly bit me in the ### ever since.

 

Tis always good to revive a 6 year old thread.