I need some advice…

So, I did something stupid. Now I’m suffering for it. I can’t see a way out and I feel like I’m drowning. About a year ago I helped my best friend get a car. Her credit was bad so I got the car in my name through a finance loan. She promised me and swore that she would make every payment on time, and that she would pay for the insurance and that I wouldn’t regret helping her.

Fast forward nine months…she’s now behind two and a half payments with another payment due on the 28th. She also hasn’t paid for her insurance and as of tomorrow afternoon if she doesn’t come up with the money there will be no insurance on the car. The bank calls me almost every day. The last time I talked to them they told me the car was already eligible for repossession.

I really don’t want a repossession on my credit. I worked so hard to build my credit up and had it in the mid 7oo’s until she started missing payments. Now it’s just below 600 and if they repossess the car it will drop even more and I won’t be able to get another car when I need one later in the year.

I’m so stressed, and every time I ask her when she’s going to pay stuff she just gives me the run around and makes up some excuse as to why she doesn’t have the money. I’m tired. I’m defeated. I care about my friend, but I can’t help but feel used and taken advantage of. I know she lies to me. She told me today she was at work and that’s why she couldn’t go to the bank. I drove by where she works…she wasn’t there. After some detective work I found her car at her “boyfriends” house instead of where she said she was.  I know she’s lying about money too most times.

I just don’t know what to do anymore. I don’t know how I can get out of this without my credit being destroyed completely for the next 7 years.

All I can say is “help”

What can I do? Is there anything I can do?