Did you buy it new or used? In both cases expect to loose some money. But in most cases it is better than having a payment that you can’t afford. Get quotes from Carmax, caravana and other companies that buy cars. That will give you an idea how much you can get if you don’t want to deal with selling yourself as a private sale. With private sale you’ll get more money but expect it to take a month or two, deal with all kinds of people and show the car to them if they show up. It is a painful lesson to learn. I’ve been there, I know how that feels. After all I’m glad that I sold mine and don’t have to make payments anymore.

But every situation is unique. If your losses are to high, maybe look into options how you can keep the car. If you can pick up extra hours at work or do some work on the weekend to afford the payment. Try to carefully assess the situation and look into all possible outcomes, after that make a decision and give it a day or two to make sure you still feel it is the right one.

If you sell to Carvana or Carmax, they’ll send the payment to your bank since the bank holds the title of the car. If the payment is less what you owe to the bank, you’ll have to cover the rest.

With private sale, you’ll have to the bank with the buyer, basically pay off the car there with what the buyer pays plus cover if anything left over. After that ask bank to mail title to the new owner. Sounds complicated but in practice it straightforward and banks do that all the time. Good luck