My car is a 2003 Ford Focus with 161k miles. It runs great and no complaints except that i still owe 6700 and i am paying 18% intrest. I have had perfect payment history for 42 months and $210 a month payments. I do not want to trade in this car since i drive for a living and it just keeps going and giving me 28mpg without fail. I am however looking at a 2009 or 2010 Ford Ranger for around 18k. My questions are as follows.

Can i pay $2500 down on the loan for the focus, then use the $2500 Cash incentive to drop the Focus down to 1700 or less and have it rolled into the new loan that i would get for the Ford Ranger? I know that i was told i could trade it in and carry the negative equity over to a new Vehicle/Loan but i really wanna keep the Focus and only have one car payment with alot less interest since my credit is alot better then what it was when i got the focus. Has anyone been in a similar situation or could offer advice?

Fill out MarvBear's credit app.

You are most likely looking at either a second car loan with keeping the Focus or trading the Focus in for another car. MarvBear is more qualified than I (I suspect that it is not possible) to do what you would like to do in having only one car loan payment and keeping the two cars.

I would be keeping the Focus because the "negative equity" won't go away by getting another car and the trade in value of a 2003 Focus with 161K miles is not going to be very much.

Lenders are very resistant to carrying negative equity, without a substantial contribution from the consumer.