Stuck with "company" car!

[srodriguezch]

What is the name of your state (only U.S. law)? Maryland

I was employed by a company that told me I was required to purchase a car. My credit wasn't great but I could afford a standard vehicle (Honda Civic, etc). However, my employer (my boss) wanted me to buy a luxury vehicle so that I could visit clients, drive him to locations, etc. He went as far as taking me to a luxury auto dealership and convinced me to get the luxury vehicle with the deal that the company would pay for the monthly payments of this car. Since my credit wasn't great, he decided to make himself the co-signer/co-buyer.

We bought the car, and then only two months later, I was "forced" to quit. My boss was working me very long hours and giving me impossible tasks to complete. It was ruining my life. When I quit, I knew I couldn't afford this car therefore I need to know if there is anything I can do to have the company, or my previous boss, take this car and make it their own since in effect they were the ones who made me purchase this car in order to work for them. Unfortunately, there is nothing in writing, however, my (ex) boss is still the co-signer/co-buyer of the vehicle.

Is there anything I can do legally? Any advice is appreciated! Thank you!What is the name of your state (only U.S. law)?

 

[justalayman]

whose name is on the title and exactly how are the names listed? You can use fake names


is the boss listed as a primary on the loan (co-borrower) or a secondary (co-signer).?

 

[swalsh411]

Your old boss is just as responsible for making the payments as you are. If they fall behind or the vehicle gets repossessed they will go after both of you, probably focusing their efforts on him since I'm guessing he has a lot more money.

 

[srodriguezch]

Thanks for the quick replies!

The title is in both our names, my name first and then his. He is listed as the co-buyer on all the paperwork and which I assume is the same as co-borrower since he is on the loan and the title.

So if I don't make any more payments they will most likely repo the car and my credit will be hit hard (not something I want to do). Unfortunately my old boss doesnt want to talk to me so I was considering legal action to get this resolved. Do you think I have a case for this? In addition to this car issue, they also havent paid me all the wages they owe me, so I am submitting a claim through the MD DOL.

 

[TIMMAAYY]

The cosigner is just as financially responsible on a loan as the primary signer. He won't want to take a hit on his credit, either.

I had a boss just like this back in 2001... made me buy a car I didn't want... turned out he was trying to get me to quit ( he had been demoted and wanted my region ). Lucky for me it was all in MY name...

Argh. Good luck.

 

[justalayman]

The title is in both our names, my name first and then his.

is there anything between the names, and "and", or and "or"?

 

[srodriguezch]

The title has our names like this: "my name" or survivor "his name"