What next? Car loan issue?

My friend's grandpa signed a car loan for me back in Jan., I'm paying like $524.00 per month for this thing and I can't afford it anymore. Here's some background info. I'm 21 years old, I have horrible credit (also had bad credit prior to the loan) I traded a perfectly good 1998 Ford Explorer in for a 2015 Dodge Dart. After all warranties and everything, the final price the bank bought it for was $28,000 something, totally overcharged me. I don't know what I was doing, it was definitely an impulsive decision. I'm not sure what to do at this point, I don't want to do a voluntary repo because it will screw his credit up for sure and nobody in their right mind is going to take over payments for this thing, even if they do have better credit than I. Last bill was due March 20th. I have yet to make a payment on it. Lets say I did do the voluntary repo, what would be the repercussions for me? What are my options in general?

There really aren't any repercussions for you. Your horrible credit will remain horrible. Your friend's grandpa is the one who will take the hit. The honorable thing to do would be to save your friend's grandpa's credit by tapping into savings, getting a 2nd job, selling some of your stuff, do whatever it takes to come up with the cash to cover whatever underwater balance there's on the car. Then you could do the voluntary repo, hand over the cash and settle up with the lender in full. Then buy a bus pass or a bike and start saving up money to pay for your next car in cash.

First off the bank didn't over charge you… You made the decision to make the PURCHASE. You signed the contract, no one held a gun to your head. The bank's total cost included most likey the total of all interest payments so you purchased the car for a lot less than $28,000. Now that point has been corrected. You can turn the car back in BUT your friend's grandpa will still be on the hook for the payments, so you will be screwing HIM big time. You need to get another job and keep paying on the car. If you turn the car in your credit will get EVEN worse.

The "bank" didn't buy it or "overcharge" you. You bought it.

Now you either live up to the contract you signed or sell the car and come up with whatever cash shortfall it takes to do so.