From car to a truck........?

Hey all, here's me situation. I own a 2004 Dodge Neon. Bought 2 years ago as I had to find and buy a vehicle asap after prior car died on me. I purchased the 04 Neon from a dealership for near $7,500. At the time it had low miles and was in almost perfect shape. Currently I just do not want the car anymore, would rather purchase a truck or a half size truck for I would get more use from a truck. My son and I dirt bike a lot and it would be great to have a truck to transport our bikes. Anyways, if I were to go to a dealership and find a used truck I like, how would the process go with me purchasing the truck, lets say they are asking for near $6,000 for the truck. I would trade in my car which I would hope would fetch near $3-4,000 per Nada Guides. I owe near $6,000 on my auto loan however for the car. So I guess with the trade in of my car I would still owe around $2,500 to purchase the truck, right? How does the financing work with the bank that I have the current auto loan with? I am confused as I am sure you are from reading this...just want to know how I can buy a truck, get rid of my car, and what to do about the auto loan? This doesnt make sense does it...|||Ok this is how it works. The dealership takes the (lets say they give you $4000.00 for the Neon) $4000.00 off the $6000.00 you are going to pay for the truck. So now you owe $2000.00 for the truck. But you still owe the bank you financed the Neon though $2500.00 the dealership adds the $2500.00 (inequity) to the loan you get approved for the truck. So you owe the new finance company $4500.00. Now the dealership send the Neon's finance company $2500.00 to payoff the loan you had on the Neon.|||If you have a balance remaining ($2500 as you stated) you'd have to pay it to the bank directly. You might be able to work out a payment plan with the bank. Sometimes dealers may roll the balance to the new car but then your payment would be high.





Try and sell Neon on you own. Post an ad onto Craiglist or autotrader.com and see if you can get more money for it.|||What they will do is roll the difference into the truck payment, so say the truck was $10,000 and you owe $6,000 on the neon but they will only give you $4,000. The will take the left over $2,000 and you will then buy the truck for $12,000. The only problem is you are even now more upside down on the truck but if you love the truck then who cares I guess. Money guides say to tuff it out until you get some equity in the car you are driving but on a neon its going to be hard to catch up.... I hope this helps. Good luck man.