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 Dear
Terry,
I'm currently paying 16.9 percent on a loan for a used '07 car, but I'm sinking fast in payments. I bought the car in October 2007 and am financing for roughly seven years.
I'm not too keen on keeping the car, so if I can sell it, that would be my best option. But at this point, I'm almost prepared to voluntarily repossess it. I'm still young and don't have many accounts open, but I don't know what to do or who to turn to.
-- Tara
 Dear
Tara,
You don't say what your credit is like or whether you're current on the car loan. If you're current, you should try to refinance your loan. For a 2007 model car, you should be able to get a loan for about half what you're being charged now.
But if your credit won't support a new loan, your best option would be to try to sell it and, if you can, cover the shortfall between what you owe and what the car is worth.
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