Want to trade in my mustang for corolla but still paying it off?

I own a 2006 ford mustang and i still owe around $8,000 in financing it. I wanted to trade it in for a newer (maybe 2009) toyota corolla for around $9,000. Would this be stupid to do, considering i still owe money on my mustang? Or after the trade in value will the remaining balance just bounce over to my corollas balance?

Any trade-in will probably be a loss, because you probably will not get retail FMV as trade-in credit.

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