Financing, what can be done?

[timgco]

The best thing you could do is hang onto it at this point...unless you are looking at some serious money issues. 11K of negative equity will be very hard to roll into another used vehicle.

1st, call some local dealers and get a buy bid on your truck. See what they'll give you for a straight buy out on it for a 10 day and 30 day buy. Most will only do it for 3 days or a week. Just tell them you already have another truck and considering selling it. Don;t tell them what you owe or that you need to ditch it. They will hammer you even more on price. Start with the HUMMER dealers 1st. This will give you a better idea of what the real world numbers in your area are for this truck. Check their lot fo rused HUMMERS and their value as well. If you have an ALpha, you can consider it worth a little more than the I5, but it should be loaded. I'm talking about 4K diference at best.

Next list your truck up on craigslist and autotrader. Shoot for 2K more than your buy bid and let it roll for 30 days. See what offers you get.
If nothing, resort back to the buy bids and get an updated price. You'll be able to go to any dealer to get your trade and show them the buy bid through the other dealer. Do this, and you can get your tax credit to the next vehicle. Sinc eyou're going for a cheaper vehicle, you will have not tax applied to the next truck. That should save you a grand or two.

Go find your next vehicle. OR see if xyz dealer can find you something from the auction to get you into. That will make it easier to roll that 11K in. If you're trying to ditch this truck and roll the 11K, your credit score better be in teh mid 700's or higher. If not, you're going to have a tough time getting out of it....esp. sinc eyou mentioned used.

You may look into a new car that has some serious incentives as well to eat up some of the negative equity.

I understand you want a cheaper payment AND better fuel economy for a lesser out of pockert monthly fuel bill. If you consider how much money you will roll into the next truck (if you can get a loan with that much negative equity), you can buy a ton of gas for what you will loose.

The one thing you do have going for you is that zero percent. You can pay that truck down over the next year. you already took teh biggest hit on the depreciation value. It will start to slow some now...unless this auto market takes a deeper dive.....than hang on.