bad luck...lesson learned. seel ur car and pay ur debt. As Paul said u dont want a bad credit rating as it hangs around for ever in various forms and if u wanna buy a house, this may be an issue down the track.
Take the train.
Alternativly tell them your a victim of the current Sub-prime morgage downturn and lost all ur money and tell them to take u to court, as mentioned no assests...probably not going to do much.