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I cosigned for a loan for a friend to buy a motorcycle. It wasn''t a traditional loan application, it was actually a credit application that if approved you then can use the credit card to purchase the bike. I only agreed to see if we can get approved and not to the purchase of the bike. A short time after we applied i received a letter stating that we were approved. Upon receiving the letter i got nervous and decided that it was not something I wanted to be involved with so I called to close out the account but they told me that there was a $11,000.00 balance that needed to be paid first. Still not sure what to do i called my friend and told him to please just make sure you make the payments on time. Now it''s three months later and he is three months behind about to be four. I called him to try and get him to make the payments or sign the bike over to me so i can sell it and satisfy the loan. He has since stopped taking my calls or make any payments. What are my options legally?

Submitted: 614 days and 10 hours ago.

Category: Legal

Value: $30

Status: CLOSED

Optional Information:
oyster bay, New York

Already Tried:
I have been in contact with the mother and father who are divorced to sign the title over to me so i can sell the bike and satisfy the loan. I have been trying for several weeks and have got nothing but empty promises from the mother telling me that she would give me the bike. I have threatened them with legal action but it's now to the point where they will not even take my calls.

Accepted Answer

Thank you for your question.

Since you are not on title to the motorcycle, you cannot unfortunately sue him to turn over title unless you have a written agreement that he would be turning over title to you upon default. His parents have no control over their son's actions nor would you be able to sue his parents to force them to have him turn over the bike to you. Further, contact to the parents can result in a harassment charge against you, so be cautious in contacting them. Your legal recourse would only be against his son.

Your only legal recourse (unfortunately) is to sue him for any payments you have had to pay towards this loan to avoid your credit getting affected. Again any lawsuits would have to be associated with the loan and any damages you have incurred as a result. If you have a judgment in your favor, and he fails to pay under the judgment, then you can proceed with enforcement of the judgment which would consist in seizing his property (such as the motorcycle) to pay on the debt.

I would suggest that you retain an attorney to issue a letter of Demand for compliance and to negotiate a transfer of title. Hopefully with the attorney's letter your friend is scare into complying. If that does not work then you will have to sue him if you have incurred debt as a result of his actions.

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Expert:	LawNinvest
Pos. Feedback:	99.5 %
Answered:	3/17/2008

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