Thank you for your question. I will try to assist you in answering it today but please feel free to ask as many follow up questions as you like until you are 100% satisfied.
First of all let me start by saying what your wife did is actually illegal. You are not allowed to buy a car on your own name but someone else as the bank has to have some sort of security and by giving the car to someone else, you are actually taking away the bank's security.
The panel beater is allowed to charge storage fees but the amount does seem extremely high. usually they are willing to reduce this amount if you let them do the repairs on the car. He will not release the car to anybody without getting their storage fees first.
If you stop paying the bank, you will be blacklisted by the bank for defaulting on the payments.
You may be able to claim against the colleague but if could not qualify for credit with the bank in the first place then you will most likely be throwing good money after bad if you pursue this option.
The best for you will be to try and negotiate on a reduction of the storage fees and to then get the car fixed or sold in order to limit your damages.
I hope this answered your question.
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