Refinance

• If you are leasing your car, it is nearly impossible to renegotiate the terms, especially once you are behind in your payments. But if you have purchased the car and are making payments on a car loan, you can attempt to refinance it by finding a better rate or extending the loan term; either one will lower your monthly payments.
  Proceed with caution when extending the term of the loan, though, because you want to be sure that the car will last until the loan is paid.
  
  

Trade-In

• Consider lowering your monthly payments by trading in the car for a less expensive model. This might enable you to reduce your payments and still a car to drive without negatively affecting your credit. Contact local car dealerships to see if this is a possibility for you.
  
  

Sell

• If you cannot make your car payments and none of the options above work for you, you could try to sell the car and buy a cheaper one to reduce your monthly obligation. Note, though, that selling will be effective only if the car is worth more than you owe.