Truck Deal-Finance, ect..experienced help, pls.?

So-I am upside down in my 2004 Jeep. Owe 17k, worth 12k. 5,000 in inequity. 57k miles. Interest is 11.9% (had bad credit back then)

Dad can get me cars at cost (used car manager)

wants to sell me a 2007 Ford F150 (loaded) for cost (23k) 39K miles on it. Catch? All banks say 11.9% interest (still!) due to too many revolving accounts I have.

Cost: 23,000

Trade they will give: 12,500

Left over: 4,500 tacked on to the truck, making the pay off 27,500. It's worth around 25K, so only 2,000 in inequity now, vs 5,000 in inequity before.

Hate the interest rate! But my Dad says if I am paying it now anyway, better to do it on a vehicle that is WORTH it and can carry value better.

Opinions?

If you wait until the summer months a truck like that will be alot cheaper (remember that is the peak driving season and when gas is the highest). I am sure your dad is trying to help you, but is that really the truck you want? You are going to really have to love your next vehicle because you will be in it for the long haul.

Can you retail your Jeep? It would put you in a much better place financially…ask your dad if the dealership he works at will let you do an "in and out"…that is where you find a retail buyer for your trade, trade that in at his store on another car (you capture the tax savings of a trade-in) and your buyer buys it from them. You get your next car with a tax savings and get retail or close to it for trade in…and the dealership gets to put two x's on the board. They will usually charge you around $500 to do this, but it will save you much more.

Good luck