Looks to me like you're missing an equal sign.
MapOverlay overlay = new MapOverlay()
{
PositionOrigin = new Point(0.5, 0.5),
GeoCoordinate = MyGeoPosition,
Content = new TextBlock{Text = "My car"},
};
MapLayer ml = new MapLayer { overlay };
MyMap.Layers.Add(ml);
Or, you could just do this with PushPins:
PushPin myPin = new Pushpin();
myPin.Location = MyGeoPosition;
myPin.Content = "My car";
MyMap.Children.Add(myPin);