Did you buy your car from a buy here/pay here scammer because you are young or have bad credit? You could have done that Kelly bluebook research before you bought the car. Does the full price of $12,000 reflect just the car, or the car plus interest? Generally, the interest on a 3-5 year loan adds 20-25% to the price of the car. Best thing to do is drive and enjoy your car!
That ship pretty much sailed the minute you handed over the money and/or signed the papers. If it's any consolation, lots of people are in your shoes. Worse still, lots of people are finding out that their mortgages have gone upside down in this economy.
this can all be saved if you brought Gap insurance. if so; report the car stollen then total it. water damage is the best call. then the remaining loan will be paid out and you will be free to get another car.