Have you ever traded in a car which was not paid in full either you were still making payment or it was a lease? Be careful of getting stuck with the payment on the old car. As the economy negatively impacts everyone, car dealers are leaving customers with the bill. The expectation is that the dealer will pay of the balance of your loan and then you are free and clear. Recent events are showing that you cannot depend on that anymore.
Not only are the buyers of the new car getting stuck but also purchasers of the trade in could find themselves stuck when the vehicle is repossessed.
Make sure you know exactly what is in that "standard" contract and that you will not be stuck with a car note you didn't know you had!