I am new to this forum, please accept my apologizes in advance for any mistakes in my netiquette/posting.
My question is how to best handle a personal situation. Sixteen months ago my friend wanted to purchase a vehicle, but had no job history/or credit. I (stupidly) agreed to purchase car w/my excellent credit rating and let her make the pmts. She did make them, a few late ... but she dropped her car insurance and the lender applied approx. 12months of insurance compounded to the loan. The loan is now very upside down.
The lender found out about our situation, and we tried to refinance car in my friend's name, but she still does not have good enough credit and was denied. The lender suggested that I co-sign w/her and she could have loan. Three appts for signing papers came and went with her being a no-show. Three days ago (while I am out of town for work) my "friend" turned the car into the Credit Union. My questions:
1. Is there anyway I can recoup (approx. $8k) difference bwtn loan and what car will sell for?
2. Should I pay off car (my parents would if best to do) and resell myself or have Credit Union do the selling?
3. All payments were made by my friend's Mother (who wrote the checks) ... is there anyway to include her in Breach of Contract? (she is one who told friend to "dump" car and let me deal with it)
Thank you very much in advance for any guidance you can offer ... I do believe I have learned a very valuable lesson here!