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Actually you can do something with negative equity, but not with a used car. You will need to get a new 08, or better yet a new 09 from a GM dealership. The new cars come with rebates. Instead of you getting that rebate money and lowering the cost of your new car, they'll use it to cover the negative equity. Basically they'll jack up the trade in value of your other car and then discount the new car enough with the rebates so that when your negative equity is added you're still looking to borrow the same or less as the value of your new car before any rebates, so the banks will lend it. In this economy banks dont want to lend over the value (lend you the $ for the new car and $ to pay off your old loan's neg. equity). It's really the only shot you have... but, keep in mind, then you will not be getting a deal on your new car and will end up paying sticker price for it, or a littler under, depending how upside down you are in your current car. Approach a dealer about buying a new Malibu. Know what the rebates are before setting foot in their door, and how much you will qualify to get off. Then negotiate... get the price of the new car down as much as you can and on paper, then do the same for your trade in... get them to offer as much as possible... then throw in the rebates and tell them how much you're upside down in your current car. This way you might be able to get a deal on the new car anyway. If you tell them what your angle is from the get go they'll use the rebates to knock of just enough to cover the neg. equity and pocket the rest.
 
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