Well... Here's the deal. Last year I decided to be the nice best friend and co-sign a loan for my roommate so that he could buy a 2004 R6. It was the credit card deal. 89 bucks a month for 2 years all on the yamaha credit card thing. All that stuff that makes stupid young kids have the ability to spend money that they shouldn't. Today, I went to the bank to get a personal loan cause I found a 954 that I wanted. And needed a couple bucks more to make it happen. I didn't want to get a loan for the bike cause it would require full coverage and thats like 2g's a year. The lady came back with my credit report and said that I couldn't have the loan. Then she showed me why. My credit score went from 736 to 597. He has stopped paying for the loan and it's killing MY credit. he was over 30 days late 3 months in a row, and is currently 60+ days late.

My question is this. What can I do to take care of this? Can I take the bike from him? How do I get my name off the loan? Is there anything I can do other than scream at him and ***** and moan and beg him to pay it. He still owes 5,998 on it. And at this rate it's gonna be YEARS before he pays it off. We are currently on horrible terms. And this only makes it worse. Anyone work at a bank or know a way that I can get the bike from him, or get off the loan? Any and all help would be great!!! Thanks!

BTW, I only co-signed the loan. I don't know if that puts both of our names on the title or not. So I dunno if that makes taking the bike from him impossible. Thanks for any help in advance.

also, he's currently deployed in Iraq. So I can't exactly take him to court. His mother is the one who's not paying the bills on time as it is her responsibility. She's his power of attorney and has been paying late and ****in it up for me.

 

ok, as you now realize, always a bad idea, no matter how bad u want him to have a bike, bad idea... you CAN go and take the bike, you are the main signer on the loan i am assuming, the title is probably in both of your names, or maybe just yours, depending on how you got it registered and all.. GO get it back, and then sell it outright, you can get real close to 6 for it i'm guessing, depending on how much this azzhole trashed it, the 3 credit agencies do NOT care how your credit got screwed, what you have to do now is sell it, pay off the loan in full, beat his azz, and then try to get a little loan, or secured loan and fix your credit, credit cards help, but not that much.. good luck man, if you have anymore questions just get a hold of me, i used to sell bikes at a dealership, and now i work at a bank, so i have a little knowledge

 

I dont know how things work in different states but in ny you CAN NOT go get the bike back. When co-sighning a loan all you are doing is saying that you will put your good credit on the line and giving the bank an out if he stops paying the bike is registured and titled to the owner not the co-owner so basicly you take it in the *** when they stop paying again civil cout is the way to go his mother being the power of attourney is able to represent him in court on his behalf. trust me i was sent over sees so i know how that part works and I am also one of those guys that most hate, a cop, so all i am doing is saying how it is in new york. check your state before taking it back you may wind up in trouble.
IMPORTANT even if both names are on the title he is the main owner it is a civil court metter

 

Contact R6VP, he's good with the whole Credit issues

btw, co-signing sucks, I'd only do it for family

 

It was the credit card deal thing. So I don't know if I'm on the title or not. I'm going to call the dealership tomorrow. And the credit company. See what I can do to get myself off it or at least get it paid up.

The bike was laid down at a low speed. I cleaned up all his fairings and shot them with Corvette Z06 silver and metal flake. Turned out pimp as hell. Also has flush mounts, fender eliminator, Full yoshimura exhaust, tinted windscreen, CF mirrors. All kinds of ****. No scratches on it that I know of. If I do get it off him, how much do you think I could get for it. Like 3800 miles, clear title. I think i'm gonna try to get my name off the loan. and if I can't, then I'll take the bike. crtchrkt if you have any more info please chime in. I appreciate everyones input. I seem to always learn the hard way with this ****.

 

you will not be able to get off the loan, unless you refinance it under his name, which means he would have to be approved for the loan, which was the problem in the first place.. u could deff get 6k for it... so do what u can to get it back, talk to his mom, who will probably be greatful of you taking it and gettin rid of it, and maybe that dipshit should have paid his bills rather than putting all that **** on it..fvck him, and punch him

 

actually I paid for all that stuff. I felt bad, and wanted a riding partner. the list of stupid **** I've done for the kid is endless. But regardless. I am gonna try and get it all taken care of. I'm just trying to figure out exactly what I can do so when I go over there I'll be carrying loaded guns.

 

u can borrow mine? it's got a lot of bullets in it, big ones too... damn, sometimes shows being too nice can backfire.. i let a kid live in my apt, rent free for 6 mnths, paid for his gas, and food...then he finally got a job, and me and him got an apt, 3 weeks later i come home from work, place is empty, he moved out and refused to pay rent, the kid still will not be seen by me, cuz i will fvckin break him

 

As a bunch of the people above have written ^^^^ as a cosigner you are liable for the debt owed if the borrower doesn't pay up. Also, you have no ownership in the property (unless for some reason this kid put you on the title). Sucks a$$ man...I would get your friend to refi. the bike, or make him sell the **** and pay off the loan.

As far as your credit score goes. you will just have to build that **** back up. The problem with you not getting a loan at the moment would probably be because the late payments on the loan are very recent. Usually if you have a couple of thirty day lates...the bank won't give a **** or if it was more than 8 months ago.

 

People don't know that 89 dollars a month for 60 months will never pay off... It will never ever pay off. On my GSXR750 it is 139 a month and for the first year if I stuck with the Suzuki credit I would be paying intrest alone... I found this all out from my loan officer though the company I work for.

 

Being a co signer is as high a risk as taking the long for yourself, or could even be a higher risk as you have to put your faith in the person who you are consigning for. I am not sure if I could put myself into that kind of a situation, maybe for immediate family only.

 

I find it fascinating that for your first post on this forum, you decide to reply to a thread that is 7 years old