Sure. You can always surrender the car(s) you can no longer afford to pay for to the bank. The bank will sell the car(s) at auction and you will be responsible only for the difference between what you owe and the sale price of the car; generally, the car sells for less than the loan value, so people who do this end up still owing the bank some money, but it's a much more reasonable amount. Under these circumstances, you can usually make arrangements with the bank to pay that over a year or two. If the car sells for more than what you owe on it, you'll get the difference (less expenses) back from the bank (this is not the usual outcome). If you act voluntarily to do this and follow through to finish paying the bank back after the sale of the car, it should not hit your credit (like a repossession would do).

Then, and I am not being facetious, consider buying a used car from your favorite dealership next time. Buy a good car when it's 2-4 years old with 25K-45K miles on it, take decent care of it, and you'll get just as much out of it as you would have if you'd bought it new — for about half the price. My car, by choice, is a 1997 Honda Accord for which I paid $7,500 in 2005. I put $2,500 down and had the $5,000 loan paid off easily within the year. It's an attractive car with all the bells and whistles, it runs beautifully, and I don't have to worry about paying for it; it's mine free and clear.

THIS POST CONTAINS GENERAL INFORMATION AND IS INTENDED FOR ENTERTAINMENT PURPOSES ONLY. IT DOES NOT CONSTITUTE LEGAL ADVICE, NOR DOES IT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP. FOR LEGAL ADVICE ON YOUR PARTICULAR MATTER, CONSULT YOUR ATTORNEY.