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 Dear
Terry,
I recently purchased a new car. I am only 20 years old and had never purchased a car before. I asked my parents to help, but they refused. So, my fiance's mom and dad co-signed for the loan.
I didn't make the best deal on the car because I didn't know much about it. Now, I have a car that is too much for me and I can barely afford the payments.
I would like to get rid of this car and find a car that is cheaper so that I can have lower payments. I work at the bank where I got my loan. They said they've already stretched out my loan for as long as they can and that the payments are as low as they can go. What are my options in this situation?
-- Amanda
 Dear
Amanda,
I wish I could offer you more hope here. If you're a bank employee and your bank is already saying it can't extend the loan, it's unlikely you'll find another lender who will do so. Because the car is new and you didn't negotiate the best deal, you probably owe way more than the car is worth.
My advice is to find a way to suck it up until you pay down the car to the point where you can sell it and get something cheaper. Don't default on the loan. Not only could that have a negative impact on your job, but it also could sour relations with your future in-laws.
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