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I co-signed on a motorcycle load for a friend a few years…

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I co-signed on a...

I co-signed on a motorcycle load for a friend a few years ago, I just found out recently that it he gave the bike back to the company as he couldn't pay it after an accident, it now shows up on my credit as a re-possession. I had no idea, I was not contacted at all regarding this. The company then sold it for 2500.00 and there is a outstanding balance af almost 7000..... I cant get ahold of the guy I co-signed for as he went MIA...... is there anything I can do to get it off my credit????

Lawyer's Assistant: What state is this in? And when did the issue begin?

Ontario Canada

Lawyer's Assistant: Have you contacted the manufacturer?

I just found a couple months ago when I noticed it on my credit report

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I contacted Harley Davidson and they said they sent me letters to an Old address, but i would never of allowed them to sell the bike for 2500 when its workth 9000 i was not given any options

Submitted: 8 months ago.Category: Canada Law
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Answered in 1 hour by:
11/10/2017
Lawyer: Debra, Lawyer replied 8 months ago
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 105,520
Experience: Lawyer
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Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

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Lawyer: Debra, Lawyer replied 8 months ago

I am sorry to hear all of this.

This goes beyond the fact that your credit rating has been harmed. They can sue you for the difference.

If you read the wording of the loan agreement you will see that they had the right as was agreed upon by the two of you, to seize the motorcycle and sell it if the payments went into default.

So your right is to sue your friend but you don't have the right to have the credit report removed and if they sue you, you don't have any defence and can then bring your friend into the lawsuit.

I am sorry I don't have a more optimistic answer. I wish I did.

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

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