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Law Pro
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Category: Consumer Protection Law
Satisfied Customers: 24869
Experience:  20 years experience in consumer advocacy, debt collection violations, contracts, construction
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A friend of mine bought a new Harley Davidson 3 years ago at

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A friend of mine bought a new Harley Davidson 3 years ago at age 18 and his dad cosigned for the financing around $17,000. He was really taken advantage of by the dealer. Paid way too much and very high interest rate for seven years. He wants to give it back to the bank but can't due to his dad's cosigning loan. Any advice? Thank you

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That's actually the worse option - to turn it back in or walk away because they will sell the bike and sue him for the deficiency and get a deficiency judgment.

The deficiency would be the difference between what the bike sold at auction and the loan balance plus repossession and auction fees, etc. They then reduce the deficiency to a judgment and pursue his father for the monies.

Too, most likely they would sell to some 3rd party whom they knew at a low-ball price so the deficiency would be extremely high.

So that's the last alternative he wants to take.

My advice would be to sell the bike for as much as possible and negotiate with his father as to paying the difference between the sales price and loan balance and make installment payments to him for such.

Another option is to get unsecured loan if a bank will loan him the difference.

But those are his only alternatives other than letting them auction the bike off cheap and then paying the difference.

If they get a judgment:

A money judgment obtained in the State of Arizona is generally enforceable for a period of five (5) years. The judgment may, however, be renewed by affidavit or process pursuant to ARS 12-1612 or an action is brought on it within five years from the date of the entry of the judgment or of its renewal. (ARS 12-1551). In general, all property, real and personal, not exempt by law, and all property and rights of property seized and held under attachment or garnishment in an action, are liable to execution of a judgment. (ARS 12-1558.) Arizona law permits the garnishment of wages. However, the maximum amount of a debtor's disposable earnings for any workweek which is subject to process may not exceed twenty-five per cent (25%) of disposable earnings for that week, or the amount by which disposable earnings for that week exceed thirty times the minimum hourly wage prescribed by federal law in effect at the time the earnings are payable, whichever is less. (ARS 12-1598, et seq., 33-1131.)

Generally, a judgment may become a lien for a period of five years from the date it is given, upon all real property of the judgment debtor except real property exempt from execution, in the county where the judgment is recorded, whether the property is then owned by the judgment debtor or is later acquired. A recorded judgment, however, may not become a lien upon any homestead property. Any person entitled to a homestead on real property as provided by law generally holds the homestead property free and clear of the judgment lien. (ARS 33-964.)


So, I would see who he can sell it to for as much or as near the loan balance.


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