2012 se
What kind of interest rate did you end up getting on the loan? Dealers put together all the money sources when negotiating. Down payment, what they offer in trade, what they can reasonably sell the trade for (which is not what they put on the sticker), purchase price, "processing fees" (which are pure profit that they often refuse to waive) and how much they'll make on interest. Sounds like you're upside down and they are rolling your upside-downess into the loan. Good for them, bad for you. If that's the case, you're still paying for the old car with interest and they are now getting the money you were sending to someone else. I still bet the dealer's making money.