Lowering payments - badly upside down car loan questions!

[DaveInPA]

So, I need some help from my fellow snusers.

Due to the fact that I had a car die one me and some other factors, I'm in a bad situation with my car. My current vehicle has a trade in value of $6,000 but the payoff on the loan is currently $15,000. As you can see, that's BAD.

How do I fix this situation to make things line up a little more? I don't have any extra money to throw at the loan right now. Trade down to a cheap used car maybe?

I have gap insurance on the loan if that makes any difference. :?:

[HK11]

I would get a cheap toyota with 250k+ miles and continue to pay off the loan. Im not sure what else you could do.

[Cy]

Do you have the tools to try and fix it?

[DaveInPA]

Do you have the tools to try and fix it?

There is nothing wrong with my current car. I'm WAY upside down in it because the car BEFORE it died while I still owed on it.

[Mr. Snuffleupagus]

Hang on to it as long as possible. Look into refinancing as well. I agree with this answer: http://www.allthingsfrugal.com/f_carloan.htm

Keep the gap insurance until you are no longer upside down.

Just my 2 cents.

[Cy]

Do you have the tools to try and fix it?

There is nothing wrong with my current car. I'm WAY upside down in it because the car BEFORE it died while I still owed on it.

My bad. Skimmed through the post to fast.

I dont have anything helpful then ops:

[digitalerik]

hrm

My girlfriend is kind of in the same situation, car is worth 7, or 8. Owes 12k. She's going to pay as much as she can off and trade it in, only because she realized a volkswagen is shit. Good luck man. That sucks making a car payment. One of the reasons why I drive around in a cheap kia with exterior dents and dings. It's paid for and cheap.