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Yup, you're screwed.
You can't sell the car without paying off the loan because technically you don't own the car.
And yes, midway through any loan on any car, you will owe more than the car is worth.
Fall on your sword and beg mom and dad for help, if you can. Otherwise, you'll have to find a way to pay the difference in the price of the car and the amount left on the note.
You also might contact the bank about voluntarily surrendering the car to them, (as opposed to a repo). I don't know how this will affect your credit, tho, but you can at least ask them. They might even work with you on reducing your payments, as they really don't want you to default on the loan either.
Good luck!
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"Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience." – C. S. Lewis
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