Legal Question in Consumer Law in Georgia

It's not a felony but read your loan papers. They CAN and likely will sue, and then can garnish your pay and bank accounts. You could be charged with no insurance but not by the finance company.

This whole deal was a disaster waiting to happen. Calling the company to repo the car was a mistake. Even if the car was in perfect shape, they would still hold you liable for the balance, although since the car is wrecked, tey are not likely to repo it.

Why wasn't the car insured? Why did you allow your friend to drive the car, especially if there was no insurance? Your remedy to recoup some of this loss financially is to sue your friend for damaging your car, although whether you get much will depend on his assets and if he is in Georgia. You can garnish his wages if you recover a judgment. He ought to do the decent things and work to pay this off.

If there is no way you will ever get this resolved, file bankruptcy.

I hope that you havev learned a valuable lesson. NEVER EVER do this in the future. Better to give your friend cash and allow him to buy a car than that you finance a car in your name and let someone else use it.

It is only a crime if you conceal assets that are secured. I can't think of why else it would be a crime, but if the finance co. and car dealer can successfully argue that you misrepresented the circumstances along with your friend, this might be some kind of fraud/theft crime. You fraudulently induced the lender to loan you the monbey to buy a car when you had no intention of driving it. The fact that you did this tells me that your friend either had lousy credit or could not get a driver's license on his own for various reasons. No insurer would insure the car if you tried to get insurance for your friend. However, since the car was towed to your house, perhaps the lender need not know about your shenanigans with your friend. I still do not know why the lender did not require insurance.