I'm currently paying $367/month for a Honda Civic '03.

Question

I still owe about $11,000. I know that my car's value has dropped below what I currently owe. What option do I have in order to decrease my monthly payments or get rid of the car so that I can buy another at a small "buy here, pay here" dealer?

Answer 1

Yeah i will believe the xx guy

Answer 2

with a payment so high and still owing that much you I assume you did not put any money down when you bought the car.  You can thinking abou finding a lender that has a lower interest rate that the car loan.  some credit cards will have a 3.99 interest rate.  

Answer 3

Owing 11K on an 03 Civic doesnt allow for any options.  the only real move is to tighten the belt, make your  payments, and drive it til the wheels fall off.

You wont get that much in trade.  You cant sell it private party for that much.  Trading it and rolling the negative equity to the next loan just puts you in a worse spot.

Stop the Starbucks.  No more pizza night every week.  cut out video rentals.  Do whatever you have to in order to make that note and pay it off.

Good luck