Ask Bill your personal finance question

Title on Vehicle I Co-signed

I co-signed on a motorcycle loan for a friend. He defaulted and I paid for the bike. Now what?

I cosigned a for a motorcycle for a friend he stopped paying. So I paid for the loan then found out my name is not on the title is there a way for me to get my money back? or get the bike? I have all the proof that I paid for the whole entire bike in full and I also have the title release form in his name.

Read full question
Bill's Answer
4.2
/5.0
(5 Votes)

Bills.com | Find Learn Save

The process is different, from state to state. Because you did not mention your state of residence, sit is impossible for me to help you with the exact steps you need to follow.

In general, you need to go to your state's department of motor vehicles and get the form that handles the satisfaction of indebtedness secured by a subordinate lien or encumbrance on a motor vehicle.

Complete the appropriate form, and bring it to the deadbeat owner to sign. Bring the document to the DMV, and have the motorcycle placed in your name. At this point you are free to sell the vehicle or otherwise take possession of it.

You situation illustrates one of the dangers of co-signing on a loan. Anyone considering co-signing should be aware of a co-signer's rights and responsibilities.

 

I hope this information helps you Find. Learn & Save.

Best,

Bill

bills.com

4.2
/5.0
(5 Votes)

People also like to Read

BS

Find credit card debt info and statistics at Bills.com -- your one stop resource for saving money.... Read more >>

Daniel Cohen

Pay your bills on time with online bill pay from Bills.com - your one-stop resource for saving money.... Read more >>

Daniel Cohen

While some debt relief services help you, others want to scam you. If you properly educate yourself, you can find the...... Read more >>

Daniel Cohen

When you are knee-deep in bills, debt consolidation might be the last thing on your mind. However, this financial avenue migh... Read more >>

2 Comments

Recent Best
1500 characters remaining
  • BA
    Jan, 2010
    Bill
    As a co-signatory you have liability to pay the creditor if the debtor defaults. I am not aware of any means of removing yourself as a co-signatory. See Will Co-signing On a Loan Hurt My Credit Score? for a more complete discussion of this issue.
    0 Votes

  • 35x35
    Jan, 2010
    melissa
    I co signed for a motorcycle for my childs dad on the promise that he would pay the bill, he stopped paying the bill and now he lost his job, what am I to do I do not have 11,000 dollars, and I am unemployed too.
    0 Votes

loading...