My short answer...I would keep the vehicle. Right now is a terrible time to sell a truck.
But if you really must sell, then here is the long answer... I would try to sell it to a private party first. You might even be able to find a business or contractor who would jump at the opportunity to take it off your hands for what you owe. Unlike consumers who buy pick up trucks for vanity or the occasional weekend project, businesses see a truck as the cost of doing business. A contractor might be driving around in a 1994 truck and your 2006 would be a gas mileage improvement. They have tax incentives too, so the economics are different. If you can't find a buyer or don't want to mess with it, then you will have to trade in the truck and roll the difference between the trade amount and what you owe into the loan on your new vehicle. Once you know that amount, go home and compare the costs of trading versus the costs of keeping the truck. As little as you are driving it, I can't imagine how it would be worth it to take such a huge financial hit. You might find that pain at the gas pump is pleasant compared to paying 5-6 years worth of payments and interest on a vehicle that you don't even own. There is also the fact that if your new vehicle is ever totalled, the insurance payout would not be enough to pay off your car loan. It can be really expensive to do what everyone else is doing. -----Original Message----- From: Greg Morphis [mailto:[EMAIL PROTECTED] Sent: Friday, June 06, 2008 8:44 AM To: CF-Community Subject: process of trading in a vehicle? I have a 2006 Ford F-150 with only about 9K miles on it (due to gas prices). I do not own the truck yet, I still have roughly 20,000 owed on it (have paid over 12,000 so far). Anyways I'm considering trading it in for something smaller. What's the process of trading in a vehicle that you don't own? Thanks ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;192386516;25150098;k Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:261441 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
