Help me out guys. With my bronco slowly dying and other projects waiting to be started, I am thinking about trading in my Harley F150. I love the truck, but it isn't really a winter driver and I would like to get a more versatile truck (towing capacity, longer bed, 4x4, and so on). But here's the problem: I still owe quite a bit of money on it and the truck I'm thinking of getting is less than the balance of my loan. Has anyone ever dealt with this before? I have no problems with the payments, I just want something more practical. I've thought about just selling the truck and starting over with the financing, but then I basically lose what I've put into it so far (down payment and monthly payments). Please give me any suggestions good or bad. Thanks.

 

First thing to find out is how much is the pay-off ??? Then, determine the current value of the 03..Unless, you put up a HUGE down payment, chances are you are upside down right now ( meaning you owe more than what the truck is worth). Remember the first year depreciation is the biggest hit you will take. Also, when determing your current value, base it on the "wholesale price" and not on the retail/dealer advertised used prices. As a general rule, trading in a car/truck during the first 24 mos. will be a losing proposition. good luck and keep us informed.

 

Thanks kingsun
From what I can determine (kelley blue book) the trade in value and what I actually owe are pretty much the same. I owe maybe a couple of hundred dollars less. I put down a pretty good chunk of money at first and I got a discount that my father receives from work. Do you think it would be better to try trading it in at the dealership that I originally got it from or should I try another one?

Did someone move this thread, because I could have sworn that I put it in general conversation?

 

You probably got moved because I remember responding to you at the general conversation section.. LOL!! ( unless, we're both drunk and I don't think so!!). Anyway, if you are ready to lose your down payment ( I hate to think of that) and take another hit on the depreciation of the proposed new truck, I suppose you will have no problem trading your 03 in... Ouch, I wish we are in the city so at least I can take a look at yours.. Good luck!!

 

Well, I'm hoping that depreciation won't be too much of a problem since the truck I'm looking at is a "used" super duty. I said "used" because it's an '01 F250 with only 15000 miles. It doesn't even look broken in yet!

Hey, if you want to buy my truck I'll fly you up here!!!
j/k

 

LOL!! Hey, thanks for I think I will be headed to Divorce Court if I do that!!! Good Luck on your plans and I believe your 01 F250 SD will be a more practical truck for you... I can't help but drool over your Lighting though..oh well, I need the passenger space of the S'Crew!!

 

See what the dealer can do for you as far as trade in, but DONT tell them how much you owe or ever who you have it financed thru, just have them give you a trade bid and go from there.

 

Dont trade in a Harley truck sell it by yourself Im sure it wont take very long and you will get alot more money out of it

 

I have about $4,000 in negative equity that I keep "rolling over" when I buy a new vehicle. I traded in a '95 F-150 before the first year was up and they KILLED me on the trade-in value. Anyway, I went to buy a new '04 and sure enough, had to roll over a bunch into this new loan. The finance guy at the dealership whispered that he knew how to get rid of that negative equity. He says get "gap insurance" and then leave the keys in the truck in downtown Detroit. Hmmm...I can't believe he said that to me. Maybe because I had my Harley duds on and all my piercings? I dunno...