What to do if you have Negative Equity on an Auto Loan?

I currently have about $4000 negative equity on my auto loan. I don't know what to do because I need to sell my car but I cannot get what I owe. I can't come up with the $4000 difference. The reason I want to sell it is because my payments are way to high..about $600/mo and I can't afford it. My credit isn't that great either. I have been to many dealerships and they will not finance an older car and lower my payment. I can get a newer car but have the same payment, wich doesn't help me because that's the entire reason I need to get rid of this car. Very Frustrating! I don't know what to do....ANY SUGGESTIONS WILL HELP.

What to do if you have Negative Equity on an Auto Loan?
if you can't afford the payments you should not have financed the car to begin with...


the only way to get rid of negative equity is to pay down the difference... and make better financial decisions on future.
Reply:Do you have Gap and full coverage insurance? Accidents happen.....just kidding. You may try getting a signature loan for the $4000 or if you own your home, you could maybe refinance or borrow against it to help relieve yourself of some debt. That may work even if you have less than perfect credit.


Good luck!
Reply:ask the dealership if they can finance you through a company called Drive. The dealership won't make any money really, but if you ask for a Drive Deal, they might do it for you.