We went to a credit union to try and refinance the car. Unfortunately, it's the same song again. The last time we called a different credit union, they couldn't refinance the car since it's worth a lot less than what we still owe on it. $8k to be exact. It really sucks. We are paying a little over $500 each month. And it's not even a BMW.
Please, please. Don't rush into buying a car when you are out of options. We got stuck in this situation through a lot of rush-rush chaos. I totaled our one and only car. We had to be in a rental for the weekend, trying to find a new car. Since we didn't have any money and we had little credit, we just took whatever car the dealer would give us. We had no idea about negotiating or anything. We were young then (or that's my excuse anyways!). But just don't rush it.
Ask someone for help. Don't let the car salesman screw you over.
P.S. For now, we'll be paying our $500 for 3 more years or at least until we can try to refi it again.