Tips on Buying Cars: car loan negative equity, 2006 kia sportage, kia sportage

Question
My wife and I got a 2006 Kia Sportage which we owe still $19,508.86  on.  It is in good condition but from what I see of the value of the car by now, there is a difference of 5000-6000 between what we could get for it and what we owe.
The payments are hard to make at this moment, as I can't work.  Is there any ways that we could trade it in for a car(even used) with a much lesser value and end up with a lower monthly payment??? or it is a lost cause??? I just don't know what to do anymore...

Answer
There are a few ways to approach this... you can budget really hard, make the payments, and just keep it (if thats possible... usually the best route but not the easiest).. you can sell the car for what you can get out of it.. pay off what you can, and buy a cheap used car (then consolidate, combine, the debts into a single financed payment which should be cheaper... talk to your local lenders and see what they can offer you when it comes to this path.. before buying or selling anything)... or you can trade it in on a new car.. they will usually give you a lower payment on it all... but you end up heavily in debt (more so than already) and you will pay for it in the long run... if you simply cannot make the payments after budgeting and trying really hard.. talk to local lending institutions about your finance options if you were to purchase a 3-5,000 dollar used car, sell the kia, and pay off what you can.. if you buy a 95 civic with 75,000 miles you will probably see the same reliability (if not better) out of it than your kia... and it will hold it's resale a lot better...
There is a lesson to be learned here... you don't always need to buy new... and i'm betting you didnt NEED an SUV... a sedan would give similar space but be cheaper.. and a minivan would have been cheaper and had more space... also you bought a vehicle which has a very poor residual value, doing more research before hand would have prevented this.. but when you have to go into debt for something its always good to make sure you can sell it for close to what you owe... if need be... but lesson learned right? now you know... so go talk to the local banks/credit unions... even used car dealers... see if there is a way to get your payment down.. avoid trading in (dealers will want you to trade)... avoid new cars... if a dealer will let you trade in on a used car... ~5,000 dollar car... and they give you some awesome rate/payment .. use your own judgment... but those deals are unlikely... If you do this be sure to spend as little as possible on the used car... get one thats reliable, good on gas, and holds its value... if that time comes and you want some suggestions you know who to write... i hope this helps with your situation... i am sorry your in such a bind... It happens to the best of us..