Hey all, so I'm in a bit of a bind and trying to figure out the most logical solution. A buddy of mine for over 15 years got divorced and was in a bad spot about 2 years ago. His credit went from 800 to 450 because his ex-wife racked up $40K in credit cards and defaulted on them. So I bought a $25,000 car in my name and let him park it at his apartment. He has the online access to both insurance and car payment and he has been paying it on time ever since.
I've been thinking everything is good all this time... but I found out he lost his well paying $75K a year corporate job over a year ago and he didn't tell me this. He started doing rideshare 24/7 with the car to pay the bills. Now the car is only 3 years old and it has 110,000 miles on it and is worth over $10,000 less than the current loan balance. I freaked out at him for not telling me this as it puts me in a terrible spot if something were to happen (didn't get GAP coverage since he put $4,000 down). Now he won't return any of my texts or calls, and I have no idea where the car is at. What the heck should I do? The registration is in my name, his name is not tied to any of it other than being added as a driver on my insurance policy. I want to take the car back and use it as a second car for weekend errands etc, before it becomes totally worthless at the end of this year.
Submitted May 05, 2019 at 04:12PM by throaway552019 http://bit.ly/2UZBDmI
