Financing, what can be done?

[rondocap]

OK, so in August of last year I traded in a 2006 Hummer H3 that was leased, and financed a 2008 H3 new. Total price was around $44,000, but I got 0% interest.

Now, the amount owed is still around $38,000 and some change. I'd like to switch to a cheaper monthly payment and lower gas since the last year the economy took a sharp downturn.

I know that I will have that negative equity if I decide to do this, so what's the best way to go about it?

My monthly payment right now is $614. The Hummer has 11,000 miles on it and is still in great condition - I've been told the trade-in value is somewhere between 23,000 to 27,000 thousand. So that means I have 11,000 left best case to deal with.

So...I guess the only thing that would work is if I bought like a $15,000 car used, and it'd be $26,000+ that I'd have to deal with, but at least it would be a lower monthly payment and better on gas.

Is there another way? Or is that pretty much the only way out of it?