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Cort Ammon
Cort Ammon
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Their advice may indeed be sell your car, as CullenJ recommends. Or they may be able to help you earn more money or spend less money as Rockey recommends. Or they may be able to do things inbetween. Perhaps you've been doing something with the freedom of your car that makes them nervous, like staying out late. Perhaps they are willing to subsidize a larger portion of your car in exchange for you coming home earlier, until you can find a job with a sufficient income to cover the payments on your own. Perhaps they have some errands that need to be done, and they're willing to help subsidize the car so you can do those errands for them. Family can be endlessly more flexible than any other solution for one simple reason: They want you to succeed.

Their advice may indeed be sell your car, as CullenJ recommends. Or they may be able to help you earn more money or spend less money as Rockey recommends. Or they may be able to do things inbetween. Perhaps you've been doing something with the freedom of your car that makes them nervous, like staying out late. Perhaps they are willing to subsidize a larger portion of your car in exchange for you coming home earlier, until you can find a job with a sufficient income to cover the payments on your own. Perhaps they have some errands that need to be done, and they're willing to help subsidize the car so you can do those errands for them. Family can be endlessly more flexible than any other solution.

Their advice may indeed be sell your car, as CullenJ recommends. Or they may be able to help you earn more money or spend less money as Rockey recommends. Or they may be able to do things inbetween. Perhaps you've been doing something with the freedom of your car that makes them nervous, like staying out late. Perhaps they are willing to subsidize a larger portion of your car in exchange for you coming home earlier, until you can find a job with a sufficient income to cover the payments on your own. Perhaps they have some errands that need to be done, and they're willing to help subsidize the car so you can do those errands for them. Family can be endlessly more flexible than any other solution for one simple reason: They want you to succeed.

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Cort Ammon
Cort Ammon
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The answer that seems to be missing from this list of answers (so far) is "talk with your parents." Get them in on this.

You list yourself as earning $160/month, with on the order of $150 in expenses, and that you are a high-school student. If I may read between the lines, this strongly suggests to me that you are a full time student living at home. Otherwise you would have listed things like rent and food which you will find are spectacularly higher than $160/month.

So go explain the situation to your parents, and ask them their opinions. Find out how they think things should be handled. They've been around the block a few times.

If you think talking with your parents isn't the solution, permit me to offer some tough love phrasing. If you're already comfortable with my suggestion to talk to them, don't worry about the tone of voice and the numbers here. But if you really think you should be managing this on your own...

For some perspective, the poverty line in Ohio is $1012/month. Do not for a moment think you can be independent on $160/month. You are dependent on your family. That's okay. In fact, I would argue it is good. Family raises children! But when it comes to independence, understand that you cannot and will not be independent on $160/month.

I stress this because the best answer is to go talk to the people you are dependent on: your parent(s). You may not know this, but for every dollar you are learning to be fiscally responsible with, tens of dollars are flowing through your parent(s) accounts keeping a roof over your head and food on your table. You are fundamentally a dependent of your parents, and will be until you are making literally ten times as much as you are right now (probably by working full time rather than what appears to be 5hr/wk).*

Now, with that tough-love phrasing aside, let's talk about what you can say to your parents.

It does appear that the vast majority of your income is going to your car payment. Your dad helps with the insurance (a wise move on his part... insurance for our children is important!) So most likely your discussion with them will be centered on the car.

My recommendation would be to focus on the co-signing. Show them that you understand what it meant when he cosigned. If you search this site for questions about cosigning, you'll often see "Should I cosign with ... on this item?" And the answer is always always always "No. Do not cosign under any circumstances." This is the answer because cosigning puts you up for all of the risks, gives you none of the benefits. Cosigners almost always get burned.

I don't know your parents, but if my child approached me explaining that they're having trouble making car payments, and because they cosigned on the car, this affects us and they wanted to give me an opportunity to weigh in on my investment, I would be incredibly proud. I would be proud that my child understood what cosigning actually meant, and that they cared enough about me to work with me rather than just sticking it to me with the precise legal rights and responsibilities associated with the term.

Your parents understand you far better than we do. They know your life, your friends, your medical conditions. They can help, if given the chance. They are in a far better position to offer advice than any random stranger on the internet.

Their advice may indeed be sell your car, as CullenJ recommends. Or they may be able to help you earn more money or spend less money as Rockey recommends. Or they may be able to do things inbetween. Perhaps you've been doing something with the freedom of your car that makes them nervous, like staying out late. Perhaps they are willing to subsidize a larger portion of your car in exchange for you coming home earlier, until you can find a job with a sufficient income to cover the payments on your own. Perhaps they have some errands that need to be done, and they're willing to help subsidize the car so you can do those errands for them. Family can be endlessly more flexible than any other solution.

So go ask them. And, if they come back with solutions you find unpalatable, then come here with specific questions asking how to avoid needing to fall back on their solutions. But more than likely, they know the solutions better than anyone here.