Keep the car or return it?

I took out a brand new 2016 jeep patriot for a friend, he couldn't afford it no more and gave it me. The payments are $500/month i called the bank and told them to come pick it up, they told me i would still owe them because they will sell it for auction and i will owe the difference. I don't want the car but I'm still gonna be paying for it so i don't know what to do, i still owe 21,000 on it

Your a dumbass thats all i can say.

You should have thought of the consequences of taking on debt for someone else on such a high monthly payment before you purchased the vehicle. Until you can find a buyer, all you can do is keep making the payments. If you let them repossess it then your credit will be ruined for a very long time. My guess is that the vehicle is now worth less than you owe on it. I'll repeat what the other person said. You're a dumbass.

I think you need to see a professional about this type of problem. You don't have to pay for something you don't want to have. See?

Yes you have got yourself into a bit of a pickle.

Returning the car is a last resort. Your credit raring will be shot, you will still owe some of the money, and you won't have the car. All bad things. The bank don't want your car back, they want their money. Returning the car counts as a "Voluntary Repossession". Not quite as bad as a forced one, but it's still a big negative mark on your credit.

So short term, keep paying the loan, and nothing bad happens.

Now longer term, what are you going to do?

One option is to sell your current car. Hopefully this gives you cash to be able to pay the loan for a while?

You may be able to sell the Jeep, IF it's worth more than the balance of the loan. This may not be the case if you only paid a small deposit, then the vehicle will have lost value faster than the loan was paid down. Now if this is possible, the buyer needs to take out a new loan to repay the one you currently have, then the vehicle can be transferred to the new owner. The bank will possibly help in this as they want their money back, not the car. Your credit is OK, because your loan is recorded as "repaid".

Again even if you have loan on your current car, if it's worth more than the loan value, then it's possible to sell it, to someone that qualifies for a loan anyway.

But bottom line is YOU signed for the loan, and that makes YOU responsible for the debt

Let it get repossessed if you can't afford it. File bankruptcy to avoid owing the bank anything. Good luck rebuilding your credit. Best bet is struggle to pay for it and never buy a car for anyone

Try to sell it to someone else.

If your friend couldn't get a loan on his own, what made you think this would work? Your credit is at risk here. There's no returning a vehicle, you are responsible for full payment of the loan. If I were in your shoes, I'd keep the vehicle.

Yes, you do owe the money… So keep paying on the loan or sell it… But nobody is going to give 21k for it.

Nothing you can do except keep the car and keep paying. You owe the money you borrowed, no matter what. Since you are most likely heavily upside down, you owe thousands of dollars even after the car has been sold at auction. Plus your credit is trashed for 7 years. Not good.