<prompt> Human: As the title says, Ive been considering a voluntary repossession on my car and am looking for some input. A little bit of backstory with some specifics: I financed a new car in June of 2015 2015 Kia Forte. I dont remember the specific amounts, but my monthly payments were approximately 490month, at about 17 APR. I made monthly payments on time and had no problems as I was currently living with parents and not needing to pay full rent every month. I moved in with a friend from work in February of this year. This past June, I realized I was really unhappy with the car and started looking to get more for my money. I ended up trading it in for a 2016 Mitsubishi Outlander sport. It increased my monthly payments to approximately 510month the increase is from a service plan thats not needed and can be removed at 6.2 APR. This was a mistake on my part, because of not crunching my numbers properly, and not looking into this for the long term. I was just happy to get a shiny new car. Im realizing now that I wont be able to afford to keep making the payments on this car, and am looking into my option at getting rid of it. I did some quick research on voluntary repossession, and feel like this would be my best option in my circumstances. Im aware that it will be sold at auction and I will owe the bank the difference plus legal fees, etc. I feel like this is a better option though not by much than just stopping the payments and letting someone come take it from my house. My plan at the moment would be to get a small loan from my credit union to purchase a cheap used car, or at least put a chunk down, before doing the repossession. Or purchasing from an owner through Craigslist, classifieds, etc. Im just looking for any advice that would be helpful.Here are what my monthly spendings are broken down into. Since I live with one other person, the rent, cableinternet, and groceries are only my monthly contribution:Rent: 685Car payments: 510Groceries: 100CableInternet: 65Cell phone: 175Gas: 40Credit cards: 3 payments at 25, 1 at 35Credit union loan: 60Lately Ive been putting off the credit cards, and am currently behind on my cell phone and credit union loans to make the car payments. Currently, moving back in with my parents isnt an option at the moment. Any advice would be greatly appreciated. If any other information is needed, feel free to ask or PM me! Thanks in advance.  <response>: Theres a lot going on here, but Ill try to break it down to what I see as the high points.1 You only discuss monthly payments. Not a single thing about balances. Thats a terrible mindset to approach your personal finances from. For instance, you bought a new car, traded it in after a year, and only talk about what it did to your monthly payment. How about the principal owed or the length of the loan? 2 Your voluntary repossession plan hinges on getting a new loan from your credit union. But in the last paragraph you say that youve been putting off the 60mo. payments for a loan you already have from your credit union. Theyre likely to pull your credit and look at their own recent history with you and decide that youre not a good credit risk. Besides, after the voluntary repossession, youll owe your bank thousands of dollars. How do you intend to pay that? It seems to me like youre on your way to a default either way.3 You have four credit cards and it sounds like youre making minimum payments on all of them.4 Your cell phone bill seems insane to me.I think your car payment is probably only a tiny fraction of your problems. You are either a candidate for a very serious personal finance renaissance, or for bankruptcy.To figure out which, you need to consider your current income, your assets, and your debts balances first, monthly payments second. 