How to refinance a car with horrible credit and no equity?

I have a brand new Ford Focus just bought it fresh off the floor and have a cosigner, but we need to refinance it now and have horrible bad credit. Can anyone help with how to refinance a car with bad credit and no equity?

Is there a new refinance program that forgives negative equity and refinances the house at current value?

I heard about some new government loan where if your home has dropped in value, the government will absorb the depreciation and refinance your house at its current market value. I just bought my first house in August of 2008 for $275,000 which was a foreclosure and the other foreclosed homes surrounding me are now being offered in the $240,000 range. So in 4 months I’ve already lost around $35,000 in value.