Question about trading vehicles

[blownSVT03]

I just had a question and needed some clarification. I just bought a truck in February and I'm trying to downgrade to something with cheaper payments. I currently owe $26,000 on it through Toyota Finance, and that is about what it's worth for KBB private party value. I have someone with a F-150 that KBB's private party for around $15,000. To make a long story short how would it work to make the trade?
Thanks

 

[weems]

He would have to buy your truck and then you buy his. Or if he has a good relationship with his bank they could write him a loan for your truck, then take the difference of what he owes on his, and cut him a check for the remainder to give to you.

 

[blownSVT03]

Also, I failed to mention, his is payed off....

 

[virginiafiveo]

if his is paid off, he needs to get a loan to pay your finance company for the truck unless he has cash. he can do that and sign the title of the F-150 over to you....really not that complicated. than you have insurance to do and registrations and possibly inspections.

 

[ff500]

He can get a loan for your truck and you the same for his, but he may be counting on the 15k from you first for his truck so he only needs to finance the
11k.