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With the negative equity on the malibu you have now it's gonna be very hard for you to even get anyone to give you a loan for the newer Malibu and include the negative equity. With the economy the way it is now and lending companies being reluctant with loans you'd be lucky even if a dealer would be willing to trade and pay it off for you, but it would hurt your loan on the new car.
 

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I don't think so, my friend who now owns an 08 Malibu did a trade two years ago with another car he had. He had a 2005 Ford Focus and went to trade it for a 2007 Scion Tc, well because he owed more than the car was worth as a trade he ended up with that negative equity on the new car loan, sure the dealer paid off the car si they'd have the title, BUT my friend STILL paid for the negative equity he had when he traded for the newer car.
 
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