Ok so I have a 2002 Buick rendezvous and I was looking to trade it in.I still owe $2,400 on the car.I have no car in mind yet?

Sounds like you are upside down by $1235-1778.

You may be unable to trade unless you can cough up $1000-1500 down.

And even if you were able to trade it with no extra money, you would instantly be upside down at least $2000 more.

So trading isn't a good idea.

Well, when you decide on a replacement, it will cost X. Assuming you are financing all of X, you will actually need to finance X+ (2400 - trade-in value), if possible. Your new financing will be used to pay off the old financing that is covered by the trade-in value. If the money guy won't do it. You will need to come up with cash to close the old loan when you trade-in.

you would have 2 choices IF a dealer would go along with either - (1) pay the balance of the present loan, and the dealer will maybe allow a trade in value of that vehicle for $ 1000 or (2) try to trade the vehicle in w/o paying the loan, in which case the loan balance would be added to the new loan minus any trade in value............