okay,
Since you aren’t giving us the numbers we need:
I;m going to guess.
GMAC is huge and has awesome rates… being you bought a new GM i’m sure your rate is NO higher than 4%…and seeing as how you owe 18K on the car, I’m guessing you financed around 20K.
that leaves you around $458/mo for 48 months.
now… it would be god danm stupid to finace it for more than 72 months so i’ll plug in 72 months with 18K left over with the market rate going around 8% for a used car.
that will drop you to around 315/mo (which is lower than I expected) for ANOTHER 6 YEARS!
You’re nearly doubling your intrest rate… granted you will have a lower payment but that is if you financed the car for only 4 years to begin with.
Don’t refinance…just work more and make ends meet.
EDIT: you posted up your payment after I typed this…ugh.
It looks like you financed for 5 years…so you won’t drop too much a month.
Dude, if you can’t afford your car sell it.
You are right, school is more important than a car… so sell it for atleast what you owe on it( good luck ;))
and buy a $3K car to drive around