Tips on Buying Cars: In a bit of a jam...., gmc jimmy, sky rocket

Question
  I bought a 2005 Ford F150 around August of 2006. It was a Ford Certified Pre Used truck. It had low miles and was in great shape. I traded in my 1996 GMC Jimmy for it. I went to one of those "weekend events" that help just about anyone get a car. My old truck kept having things happen to it so I decided to check out the deals. After getting the truck...my job changes slightly and I wasn't making the money I was when I bought the truck. Of course, I went through a finance company and the guy, actually, said to not mention that my monthly income can change so I could get the car...nice guy, huh? It's been a year and some change later and I am WAY behind on my payments. It's not that I can't afford a payment...just not 565 a month along with all of my other bills along with about a 30% pay reduction. I wanted to take the truck in and trade it in on an older model car and drop my payments so I can get my life back in order. I have tried to call the finance company and they are more intrested in trying to scare me and (without actually saying it) are coming to get my truck. I am not a bad person. I have been working for the same company for 14 years and I have always tried to take care of my business. I know I will take a loss on the trade in but is that even possible knowing that I am late on my payments. I am not a proud person but I do need a car for my job that is reliable. Any advice would be great! Thank you in advance.

Answer
I am sorry for my delay. This is a jam as it is very difficult to trade while behind currently. It is not impossible but hard. You need to push the finance company to help you maybe add your payments your behind to the end and show you current and this will help in a trade situation. There are some big rebates offered now as well that could help. My concern will be that your interest rate is going to sky rocket. This could cost you more money. You could and should  look into refinancing your current loan and possibly lowering your payments a bit. Hope this helps!

Brad
http://www.buyingacar101.com