Legal Question in Credit and Debt Law in Illinois

Financial situation

Two years ago, I co-signed for a new car loan for my daughter (32 yrs old). She was going through personal hard times with divorce situation at the time. She is always late in getting payments made and in the last 3 months, she is not making payments at all, thus I am receiving calls from the finance institution. I have talked with her many times and offered to take the car, try to sell and get rid of situation - she refuses, says she will handle it. I've asked her to get her own loan, which was the original agreement (in writing) that she would get loan after a year. She hasn't done this either. In the meantime, I am still receiving these calls (payments are not being made). My immaculate credit is being destroyed by this and I am single needing this good credit standing and can't afford to make these payments. The car is losing its value greatly as time goes by. Can I reposses the car? Can I turn the car over to the financial institution and try to come to some agreement with them? I am at a loss as to what to do anymore, I can't afford the car and can't make the payments. I have learned a hard lesson here. Thank you.

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