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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.