My son in law cosigned a scooter loan three years ago with Yamaha and HSBC with my younger son. Basically he has been paying interest for three years and the loan amount hasn't changed. My son is now in school and not working. I have contacted the company and they will not work out any pay down. My son in law needs to get this off his credit. They are in the process of renegotiating their home loan. What would happen to his credit as a co signed if my son defaults on this loan and are there any other options.
Blue Hill, Maine
I tried calling the company and talking with them. They just said that they do not offer any paydown options.
If your son defaults, your son-in-law's credit will be adversely affected because he is a co-signer on the debt. If the company is not able to work with you there is nothing else that you can do but to keep up with the payments on the scooter so as to not to ruin your son-in-law's credit. The only option here is to continue to make payments on the scooter to maintain your son-in-law's good credit. He will need the good credit rating for his home loan modification.
Licensed in Massachusetts and New York
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