Legal Question in Credit and Debt Law in Georgia

Your "understanding" of a contract does not matter. The actual contract does. We don't have it. Read it.

None of us have read the contract. So there's no way to answer you except to tell you that you cannot buy a car the way you bought it.

When a car is sold, the seller MUST, at the time of sale give you title (they can record their lien on the title.

What I gather is that the two of you entered into an illegal agreement to defraud a bank and take over a note without permission. Any lawyer, if you would have asked, would have told you not to do that.

You will now spend more on a lawyer to argue things because of not getting advice before you signed.

Something you said does not make sense. How is it that you were able to insure the vehicle without owning it? I bet that your co-worker never transferred title at all and the facts are as suggested by Attorney Ashman and that you and your co-worker did this illegally.

You should never have been driving the vehicle in that case unless you were somehow added to the policy as an insured driver. And you never should have been driving unless you bought the car from your co-worker and, if he or she owned it outright, the car title should have been signed over to you (so you could get insurance on it) and the owner could have kept a lien on it as security for your payments. If the car was still fianced, you, the car owner and the lender would have to work something out or your own lender would have to pay off the car and you would pay your lender, who would have a lien on the title once the title was transferred to you.

I don't know where you get that the payments for insurance were covered. They are not usually when you buy the car from a dealer. What did your contract say about insurance, if anything?

You are in a mess. If your contract said nothing about insurance, then you do not have to pay for the insurance, but you will have to pay for any damages to the car and, if the accident was your fault, to any other person who was injured or who had their own car or properrty damaged.

Never do something like this again without first seeking legal advice.