If you co signed for the loan and the loan is in default they have the right to repossess the motorcycle. They will give you the opportunity to pay off the loan and the repossession fee's you just need to contact them. Some loan company's will allow you to catch the payments up and the fee;s and allow you to take the motorcycle back.
If you fail to pay they will then sale it at auction, what they gain from the sale will be applied to the loan and fee's. Any amount remaining they will take you and the other signer to court. Since you are the co signer they can get a judgment against you for the remaining amount of the loan and then either ask for a garnishment.
It will also be applied to your credit.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).