I can't afford my financed car anymore. Can I trade it in without losing too much money?

I financed a 2005 Santa Fe. It has under 8k on it and it's KBB value is $17k, and I know I owe more than that on it. I have a high interest rate of 13% due to poor credit. Can I 'trade down' and save on monthly payments? I'm currently paying $550 a month, and need to cut it to around $300. I'm willing to get into a smaller or used car. Any suggestions would be appreciated.|||How much do you owe on the vehicle? I would suggest you go and talk to a professional debt advisor to work this out. You probably will be giving up the car for one that is not as nice because given the information you have provided, you cannot afford to have such a vehicle at this time. Talk to a professional, they will be able to answer your question much better than anyone here can.|||do you have the title or is it pending on the loan.|||you need to call your lender and find out exactly what you owe on the car





then, if you want to be aggressive, you need to sell your car and borrow enough money to pay the extra you owe with $2000 left for some kind of old wreck that will get you around for awhile





that may mean a loan of $5000 or so which will have a reasonable note even with a 13% interest rate





pay the $5000 (or whatever it turns out to be) off as quick as you can, if you can possibly put $400 per month at it, then you can have it gone in a year





if you can keep your old car running for another year you can have $5000 to buy a decent car





4 years later you can buy a new car with cash and have no payment at all





good luck





debt is a monster


don't let it eat you|||go to a auto dealer and get counseling by a professional, maybe they can help|||dont get another hyundai they loose their value like a russia sub sinking to the ocean floor.