I'm based in San Diego, CA.

The story: 3 years ago, My mother and I cosigned on a loan for a car for myself after my old one broke down. Due to my complete lack of credit history at the time, I needed to have my mother cosign, with the full intention of taking on the financial burden of the car. Unbeknownst to me, my mother's credit score was obscenely low, and she accepted the first offer of an auto loan without reading and pressured me into signing it. After about a year, I accepted a job with a heavy commute. Now, the car is having mechanical issues and I decided to try and get a newer and more efficient car. This opened a can of worms that keeps me up most nights.

The hard numbers:

When purchased, my car was priced at $4500.

My car is currently worth about $2000.

My payoff amount is $4300

My loan apr is 20.44%

My monthly payment is about $270

The projected total payment is between $10,000 and $12,000.

My credit is built off this one loan, and is fair to lower because of this.

I currently cannot afford the payoff amount, and I don't have an amount in savings for a down payment on a new loan.

I've been rejected from refinancing from 2 different Auto Lenders and my current bank.

My loan is held by a third party, separate from a dealership.

My mother cannot afford to pay off the car, and her credit is tied to the loan.

I'm at a loss for what I can do.