I need to see if anybody can give me some advice as far as what I should do concerning a verbal agreement.
In 2003, I went to purchase a car. The lenders didn't want to use my credit to approve the transaction, but I really needed a car at the time because my current car had been involved in an accident 2 weeks prior and I had no other way of getting to work. My friend went with me to look for cars and decided to help me out in my situation. We agreed verbally that he would apply for the car so that I could take it home that night and that I would make payments on it until my credit score had gone up enough that I was able to refinance the car under my name. Although the payments would have no effect on my score personally, I agreed as I needed the car to keep my job.
I have been paying monthly for the car, I maintain the insurance, keep up repairs and maintanence, and I am the primary and only driver of the vehicle.
My friend and I had some issues last March and are no longer on speaking terms. At this point, nothing has changed. The car is still under his name and I still make all the payments, etc....
My concern is that I am now stuck with this car....I cannot try for my own car now, because I would need to be able to account for why I am spending $212 a month on payments and even more for insurance. There is no record on my credit report of this transaction and I now have a moral dilema.
I want to give him back the car. Part of me says that I am not responsible for the car as we only had a verbal agreement. The agreement never specified anything regarding what we would do in a case like this, only that I would pay for the car until I could have it transferred into my name. That is not going to happen anytime soon as my credit still isnt up to par. It is as if I am renting the car from him and now I am done with the usage of it.
The other part of me says that I have been helping him with his credit in exchange for the use of the car and that I would be wrong for giving it back because I know he would not be able to afford 2 car payments. (This one and his own.) My concern is that it could damage his credit and that he may try to come after me in court saying that I am still responsible for the car payments.
I am not sure what to do. I want to save money as I no longer need the car to get to work which is now closer to home.
Can somebody please tell me what would be the best course of action? Am I OK in breaking the verbal agreement and giving the car back? Should I forget the idea and keep paying until the term ends in 2008? What are the positive and negative points to keep in mind with each choice?
Thank for anybody's help as I am so confused!
In 2003, I went to purchase a car. The lenders didn't want to use my credit to approve the transaction, but I really needed a car at the time because my current car had been involved in an accident 2 weeks prior and I had no other way of getting to work. My friend went with me to look for cars and decided to help me out in my situation. We agreed verbally that he would apply for the car so that I could take it home that night and that I would make payments on it until my credit score had gone up enough that I was able to refinance the car under my name. Although the payments would have no effect on my score personally, I agreed as I needed the car to keep my job.
I have been paying monthly for the car, I maintain the insurance, keep up repairs and maintanence, and I am the primary and only driver of the vehicle.
My friend and I had some issues last March and are no longer on speaking terms. At this point, nothing has changed. The car is still under his name and I still make all the payments, etc....
My concern is that I am now stuck with this car....I cannot try for my own car now, because I would need to be able to account for why I am spending $212 a month on payments and even more for insurance. There is no record on my credit report of this transaction and I now have a moral dilema.
I want to give him back the car. Part of me says that I am not responsible for the car as we only had a verbal agreement. The agreement never specified anything regarding what we would do in a case like this, only that I would pay for the car until I could have it transferred into my name. That is not going to happen anytime soon as my credit still isnt up to par. It is as if I am renting the car from him and now I am done with the usage of it.
The other part of me says that I have been helping him with his credit in exchange for the use of the car and that I would be wrong for giving it back because I know he would not be able to afford 2 car payments. (This one and his own.) My concern is that it could damage his credit and that he may try to come after me in court saying that I am still responsible for the car payments.
I am not sure what to do. I want to save money as I no longer need the car to get to work which is now closer to home.
Can somebody please tell me what would be the best course of action? Am I OK in breaking the verbal agreement and giving the car back? Should I forget the idea and keep paying until the term ends in 2008? What are the positive and negative points to keep in mind with each choice?
Thank for anybody's help as I am so confused!
