In Nov. of last year. I purchased a 12' Ford Focus w/ 36K mi for 18K + change after tax etc. @ 2.3% with the help of a co-signer. The car has been great, but as a now student with little income being part time, I'm trying to find ways to cut some spending costs.
I have less than $15K left on the loan. Paying $326/mo for 60mo.
KBB says that in my cars condition, it's worth about $12K.
I was looking into maybe trading down into a used car.
The only thing is, I can only find information about trading a used car for a new car or a car that's worth more.
What about trading down to a lesser priced car?
Looking at say, $9K-10K and relatively newer. 2005+.
Any help would be great about how would someone go about this.
EDIT: I looked at refinance, but it makes no sense as the rate is already low as it can be. Even with a lower rate. It would be only $10 of so less with my calculations.
@CAnNY wrote:I never heard of such, but I imagine its been done. However with your negative equity it would not do you much good to trade down unless you could come up with the amount of the negative equity to put down with the trade. If you can do this I say trade down, otherwise no because your payments won't change by much.
Negative equity $3000 plus new car is $9000 = $12000 which does not seem like it would be much difference in payments.
Now I just used kitchen table math for this without much experience so I will let other add their thoughts.
@CAnNY wrote:One other thing, you stated $15k was approximate balance. Is this the pay off amount if you paid the loan today this too may make a difference when others chime in.
Pay off amount is $14.9K if paid it off today.
Hmm. So yeah, I'd be having to get a $12K loan. Interesting.
I guess it doesn't make much sense in trading down then. Unless I was looking at a car worth say $4K or a beater for A to B. 
EDIT: I guess using different search terms on Google came up with the results I was looking for.
Rolling neg. equity isn't a good idea, and is illegal from what I have searched. Ways around it. But without screwing yourself in the end.
So from the looks of it, it's a bad idea through and through unless I get under what my car is valued.