I bought a VW CC 2011 and it was great but turbo had wastegate failure about 3 months in and now it’s misfiring and having codes for low fuel pressure.

I’m financing it but it’s under my parents name because I was 17 when I got it.

I don’t want to put all the money into fixing something with such high miles and would rather cut my losses.

My Question: Is it a possibility to trade the vehicle in? I am aware I’d be transferring negative equity about $4k.

Currently I’m not driving the vehicle because I don’t want to cause more damage to it, should I take a loan out through my credit union and buy it out of my parents name and then be able to trade it in? I really just don’t know what to do