After co-signing was not an option, I made the decision to put a car under my name for a friend for a year until their credit was better to refinance in their name. We had a verbal agreement that this was her car and she was to make payments and that she would have refinanced after a year. Long story short, after 3 years she stopped making payments and the car was repossessed under my name - she had moved to a different state and was not easy to reach. Do I have any legal foot to stand on to try to get money from her or to take her to court? I have documented proof of her stating she had full responsibility for the car, etc.
1 Answer from Attorneys
You can sue her, but you'll likely end up with a judgment you can't collect on.
Bottom line is: The type of agreement you describe is always a bad idea. You have learned a valuable lesson. If a professional lender refuses to give her credit, YOU shouldn't do it either.