How to get rid of my car with poor credit & almost $5,000 negative equity on it?

I have a 2001 Ford Mustang Deluxe Convertible 2D. It has 175k miles on it now. I bought it August 23, 2013. It had 169k miles and was priced at $4,995. I had a 2002 Suzuki Grand Vitara XL7 4WD. I was stupid and traded my Suzuki in for it. Because of roll over debt from trading the Suzuki for the Mustang my loan is now at $6,260. 5% Interest rate. Payments are $120.64 monthly. I want to get rid of this car so badly. There are several problems with it, it's reliable-ish but I don't know how much longer it will be. I don't feel that safe in it. And I'm just bored of it and wish I would have never bought the car. It was as-is at the car place with no warranty. November of 2013, I lost my job and couldn't find work until March 2014. My bills piled up, and my credit got destroyed. It was at 651 and now it's around 560. I have no idea what to do. No matter how many car places I go, I always get turned down when I tell them I want to trade in my Mustang. They either want a possible co-signer or an expensive down payment which I can't afford and I don't have anyone to co-sign. I'm in Oregon by the way. Does anyone have any suggestions as to where I can go where a dealer may pay off maybe half of the negative equity on my car? Blue book values my car between $1,115 and $1,817. I have $4,777 negative equity. Or does anyone know the price range of a car that would eat up my negative equity? And maybe have my payments between $150 and $160? Any help would be much appreciated.

No dealer is going to take a loss on a car. The only way to get rid of negative equity is to pay it off with cash or roll it into a new loan. Usually the amount you roll into a new loan can't be more than 15% or so of the new loan. So in order to roll $5,000 into a new loan, you'd probably have to finance a $25,000 car. Doesn't sound like you can afford the payment on a $25,000 car, though.

I figured there was no way out. But just wanted to hear some opinions and/or suggestions. Thank you guys anyway. I'll just have to deal with the car till I get a good chunk of it paid off, and build my credit higher. But just wanted to see if there were any other options. Thank you guys for your inputs, I appreciate it! I will definitely know better for next time that's for sure. It's all just a life lesson learning process and unfortunately I had to learn it the hard way.

As it is now, the car is not sellable because of the negative equity. You can't trade it in because of the negative equity. There's no magic answer here. Make double payments and get the negative equity down to where you can get rid of the thing, or keep it until you've paid the loan off.

You could stop paying and they would repo it. It would kill your credit and they could sue you & garnish your wages.

There's no way anyone is going to lend you more money or let you trade when you are thousands upside down.

Its a total pipedream.

You could go to 100 dealers and get 100 no's. Its crazy to think any would say yes.

You could promise to pay $500 a month and they would still say no.

I predict you will have bad credit your entire life & blame others.

Lucky for you we have a socialist president.

It would be really hard to sell it for what you owe. If you could, you'd be debt free, but also car-free. Your only real choice, aside from filing for bankruptcy, is to get happy with the car until it's closer to being paid off. Sometimes, especially when you're young, lessons are learned the hard way. The next time, you'll know better than to roll over an old loan into the new one. Dealers make it sound easy… And it is, for them, but it bites the buyers more often than not.