Tips on Buying Cars: Getting rid of my finance car, wealthy friend, safe bet

Question
hello Jeff...i just finance a car last year, i had the car for 8 months but the payments are too high and right now im already behind 2 months and i don't think i want to keep this car and i don't think i will be able to make the payments to try to refinance...
what should i do?
Thanks..

Answer
You are the owner of the car, so you do have the right to sell it.  However, I'd be willing to bet the value of my house that you currently owe far more than the car is worth (unless you made a substantial cash down payment when you purchased it, something in the order of 50%), the difference of which you'd have to make up to the bank when you sell it.  Since you're already 2 payments behind, and only 8 months into the loan, it's also a safe bet that you don't have a few thousand dollars in the bank to make up that difference.  And 2 payments behind also means no bank is going to refinance it for you.  The only other option: let the bank repossess the car, and watch your credit rating go down the drain.  I don't mean to sound harsh, but unless you have a wealthy friend or relative that's willing to help you out, I'm afraid that's the way it is.