<prompt> Human: Hi all. My SO needed a new car for his 1 hour commute to grad school starting in august. His old car gave out and the mechanic asked him if his previous car had any sentimental value. Well, his parents came down and pressured him into buying a 16,000 car with fees and everything totaling to over 20,000. We could barely afford the taxes coming up with school fees and everything else and now that he is laid off we cant afford the taxes or monthly payments at all. I really worried about how much giving the car to the bank will damage his credit, but I dont know what other options there are. This is in Missouri. Any advice? He has a full ride to grad school aside from 1000 health insurance fee which he will split up into monthly payments. He will also be getting a stipend of about 1600 a month while in school. Edit: I appreciate every body talking with me so far. Everyone has been so great. Just talking this out and looking at other perspectives have made both of us feel a little better. We still need to figure out or plan of attack, but all of your responses have been very informational.uzombare is my SODouble Edit: In Missouri, sales tax is not financed. Total due August 8th is 1371.21Assistant: Are your finances together or separate from your SO? Whats your or just your SOs total income and total spending? What are the terms of the car loan, and the monthly payment? Human: We each have our own checking accounts, however we try to split costs. I end up covering a lot because I make more, but I am fine with that. SO currently has no total income as he was just laid off. He has a total of a little over 1000 in the bank after paying the down payment on the car.I have our accounts connected in Mint, and we spend averagely about 3000 a month. I am also going back to school in August full ride with 1200 a month stipend so our income will drastically change.Monthly Payment of car loan was 338. Im not familiar with the terms.Assistant: Monthly Payment of car loan was 338holy shit.Human: Is that a lot? This is an honest question. What is considered average?  <response>: My car payment is 362, these amounts are normal for cars in the 20K or so range. 