Is I right for me to....?

Question

I drive my mother-in laws car which there is no payment and she lets me use it for free as long as I pay the insurance, which I do. My brother-in law needed a car but he has bad credit and mine is not the best but better than his. I signed a loan to get him a car but problems are now starting at home and my mother in-law is threatening to take her car back from me. Would it be right if I took the car back from my brother-in law even though he paid the down payment and is making the payments? If she takes the car from me then I will not have a car to drive and would not be able to finance another for me. I know people are going to say I was stupid for doing it but things were fine. I don't need a lecture on this just some advice. Thanks

cuztis209 · Accepted Answer

That's a sticky situation.  I'm guessing that the title to the car you financed for your bro-in-law is in your name.  If it's not, you can't "take" it from him unless he agrees.

If it is in your name, you could take it from him but that would most likely put a huge strain on family relations.  I would not take that action.  You should discuss the situation with him and decide together what is the best course of action.

You could propose several alternatives to him:
1) You get the car, take over the payments, and owe him part of the down payment he made (which should be enough to help him get a cheap used car).
2) He keeps the car but helps you come up with enough money to buy a temporary car.  In a couple years when he finishes paying off your car loan, your credit will be in shape to buy a better car.
**$2,000 cars aren't too hard to come by, and if you do some research you can find a good one that will last a few years.

You might think of other options... The key here is that you're in this together and should work it out together so that neither of you are put in a really tough spot and you can maintain (maybe even strengthen) the relationship.