Are u freakin kidding me?! I'd save that much !!!!!!!!!!! That is a huge price difference.

go to Calculators - UW Credit Union (UWCU) - Madison, Milwaukee, Green Bay, Glendale, Whitewater (Wisconsin) - Checking, Savings, Loans, Mortgages, Online Banking, Rates, Student Loans - Financial, Banking, Credit Union to verify that.

Yes, definitely use a calculator, I just estimated 40-50% based on the fact you are cutting your loan amount in half ($24k vs. $12k). Keep in mind there are also fees and surcharges that may increase that $12k and therefore, your payment.

Also, you might get a higher rate on the deal than you got before. So you'll have to get all the facts, and then plug them in to Mark's calculator and see how much money you'll save.

A couple of additional notes:

If you have been on time with every payment for the past year, your current lender will see you as a good customer and may be able to lower your note rate. Whether you refinance the vehicle, or get something new, good payment experience with a loan can make a great deal of difference on a rate/payment, especially if your other accounts have also been on time during the prior year.

As pointed out, trading in the vehicle may allow you to carry over a negative equity balance, but you can do even better if you find a buyer for the vehicle. The difference is $3000 in your pocket, or $50-65/month depending on your rate and term. Once you have a buyer take them with you to the dealer and finalize the paperwork. Also have a lender pre-approved to minimize surprises at closing.

Based on your numbers, it sounds like you are paying around 19% interest on your current note. If your credit score has improved with on time payments this year, you should be able to cut that rate nearly in half. With a reduction in vehicle cost to the $9000-12000 level (including negative rollover equity) and pushing it out to 72 months as Mark suggested, you could be seeing a payment in the $250 range. Obviously, this all depends on your credit score, final vehicle costs, rollover amount, and number of months financed.

A lease was also mentioned, maybe inadvertently. Term on a lease would be much shorter, so payments may not be much different, or could be higher, plus you have no equity in the vehicle, and mileage charges to be concerned about at the end of the lease. In general, I would not recommend a lease unless you are a business writing off expenses and have a regular rotation of vehicles at set mileage and months.

I got approved for another loan of $12000. But before that money is touched the Truck is going up for sale.

My payments.........DRUM ROLL PLEASE. are $212 a month IF I use the full $12000. I am so excited. I'm going to try and sell the Truck by myself first to see it I can get the full amount out of it.
Thanks for opening my eyes

How is the truck sale going doutreo? Please keep us updated.

The truck is still up for sale. I have tried autotrader and a local newspaper, I have only had a few calls.
I am considering a trade-in after I try a friends car lot.

You have to at least get it to the trade in value. But wow your note is 650, are you serious. And you went along with that? That is ridiculous. When did you buy that care?

well, it was mt first car loan. I went to a dealership and had a friend (i thought) that worked there. That was really stupid and now I'm here.What about refinancing the car then selling it for a cheaper price, good idea or bad?

I'm not sure how refinancing the car will help you sell it for less money? Are you hoping to allow someone to assume your loan? Bad idea.