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I financed a motorcycle for a friend and recently signed the…

Customer Question
I financed a motorcycle...

I financed a motorcycle for a friend and recently signed the contract four days ago, but now the friend has had a family emergency and won't be able to pay for the bike. I will be able to get out of the contract

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

I'm in Maryland, but the motorcycle was purchased in Illnois

Lawyer's Assistant: Has anything been filed or reported?

I'm not sure, if it's been filed. I know I have been approved for financing and the bike has been shipped and is at the terminal and I just placed a hold on the bike.

Submitted: 8 months ago.Category: Legal
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Answered in 2 minutes by:
9/18/2017
Lawyer: Ely, Counselor at Law replied 8 months ago
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 103,549
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.

I am sorry to hear about this situation. If you mean you are a co-signor, then you cannot simply get out from the contract unless the financier releases you. Which they are unlikely to do. You are there as a guarantee that the signor will pay. Which means the financier can pursue both you and him, individually and together, for the contract. i am sorry. And there is no "cool off" window to get out of such a contract in Maryland.

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Customer reply replied 8 months ago
The bike was purchased from a dealer in Illinois not Maryland. I am the financier the friends name is ***** ***** on the contract.
Customer reply replied 8 months ago
I haven't received the bike yet. I was recently approved for financing
Lawyer: Ely, Counselor at Law replied 8 months ago

Just to clarify, you co-signed on the contract. Correct?

If so, you are the co-signor. By "financier," I mean the "lender." And the same answer applies regardless of the state. So let me amend my answer:

I am sorry to hear about this situation. If you mean you are a co-signor, then you cannot simply get out from the contract unless the lender releases you. Which they are unlikely to do. You are there as a guarantee that the signor will pay. Which means the lender can pursue both you and him, individually and together, for the contract. I am sorry. And there is no "cool off" window to get out of such a contract in Illinois or Maryland.

Kind Reminder: Please, use SEND button to keep chatting, or please rate positively and click SEND to submit your rating once satisfied. You may always ask follow ups at no charge before or after rating. "I STRIVE FOR FIVE!"

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Customer reply replied 8 months ago
No, I down right financed the bike myself for the friend. He verbally agreed to make monthly payments, but now a family matter has come up and he will not be able to keep the obligation
Lawyer: Ely, Counselor at Law replied 8 months ago

Ah... okay. So you were the SELLER (but you did not own it outright yet, and had your own payments due). You and he had a verbal contract for the bike. And now, he defaulted. Correct?

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