Tips on Buying Cars: A little behind and upside down, kelly blue book, kansas city mo

Question
I live in Kansas City, MO.(64137) and have a 2007 Toyota Tacoma TRD Sport double cab
with about 9600 miles on it. I bought it in October 2006. Well, right before
Christmas I lost my job and have been barely making the payments since...and
almost all of them being late. According to Kelly Blue Book and The NADA my
truck in worth $25000-26000. I owe close to $33000 on it. The payments are $621
a month...which wasn't a problem before I lost my job. Now, its a problem. The
truck hardly ever gets driven...maybe 50 miles a month. My new job provides me
with a work truck...so, the need for my Toyota is minimal. Would it be better
for me to go to a dealer and try to get a really cheap used car and trade mine
in hoping for lower payments? Try selling the car myself? giving it back to
Toyota and taking the loss all the way around...including my credit...which is
going down. If I sold the car myself how would it work, since I can not afford
to pay the difference between what the truck sells for and what I still owe? I
seem to be stuck between a rock and a hard place. I'm trying to dig myself out
of debt and get my head back above water...other bills are stacking up to. But,
the truck is the biggest.

Any help you can provide me will be greatly appreciated.

Thank You,

Paul

Answer
Hi Paul
There is no easy answer to your question, the worse has happen to you buying a brand new car and want out the first year where the depreciation factor will be as high as 30%.

Trading your car for something cheap is never going to happen as you wont be able to tag on the negative.

you did not mention your payment terms, with an 2007 model you can get up to 84 months with some lenders which will lower your payments.

I would approach the lender, if lender is within driving distance a personal appearance will be more effective than a brush of phone call.
Lay you cards on the table that you will be faced with a repo, don't want to blemish your credit further, will they allow for you to sell vehicle and whatever the negative being re-financed as a personal loan ?
Let me know what happens or fell free to get back to me anytime if you think I may be able to be of further assistance
Ray