I just need your advice regarding our current situation.
My friend who is 18yrs old borrowed my motorcycle with an expired registration, and my friend without drivers' license. He had an encounter with a car and accidentally hit it causing minor damages to his car. We then settled the issue at our local police station. Written on our police blotter was our statement to pay the damages and waived around 10-15k. The car owner, my friend, and I signed the agreement.
The following day, we went to a car repair service center and the car owner said that he does not want it repaired but instead demanded a replacement for the damaged parts, amounting to 139k. His car was brand new, about 8 months from the time of purchase.
We honestly cannot raise the amount in 2 weeks, since he want it replaced in 2 weeks time. The service center's policy is to have us pay 50% of the total amount and another 50% upon the arrival of the ordered parts. I want to know the legal implications on this issue and what case will be filed against us since we cannot raise the said amount. What are the options we can possibly have.