One thing to keep in mind is a lease, most new cars are allowed to finance more than the new car is worth I.E. our dealership can finance 115% of the new cars MSRP note that you can by a car well below MSRP there for hiding your neg balance keep in mind this is carried over into the next loan so you dont get out of it only refinance it
No, banks won't just let you out of a loan and take the car back, they wouldn't make any money that way. If you owe more than the car is worth, then it isn't worth selling or trading. You should pay off the car as soon as possible or at least pay it down to the value.
Consider refinancing for a shorter period through a credit union and make sure you are getting the lowest APR on the loan.
There are an additional two ways to possibly fix this issue: by getting a short term job to earn enough money to buy it down to the current value and by keeping the car in excellent repair and reducing the number of miles you drive it. Eventually the value will match.
In the future, do not buy a car with a loan that lasts more than three years, and consider a recent year used car. This prevents the new car out of the lot loss and you pay down the loan faster.
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