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| *Vultures Knob>>>Chopper Bike |
Co sign problems? |
I would like to know what ways there are to remove or change a co-signer on a motorcycle? Also, is it possible to change the co-signer to a different co-signer . the story is i live in dallas and i have a son that lives in california and he came over to tx to get a 06 chopper motorcycle . but he has bad credit so they wouldnt let him take the motorcycle. so he told me to co sign and promised that he would send me the payments on time . and he hasnt send me one yet so ive been here stuck sending him the payments . what can i do . please help .the bike is over 40,000 dollars for 8 years .i cant afford to send anymore . If I were you, I'd go get the bike and sell it. that way you can pay off the debt and teach him a lesson for his irresponsibility. And after this remember that the 11th commandment is "Thou shalt never co-sign for thy children, no matter how good their intentions." I don't think you can just change a cosigner but you can refinance the loan with a new cosigner. Why don't you just go get the bike and sell it? Unfortunately when you cosign anything, it becomes just as much yours as it is theirs. If he defaults on the loan, it WILL show up as a blemish on your credit report. I don't know if it is even possible to remove yourself from the loan. This sounds like one for the lawyers. :-( when u cosign on a loan those cosigners are on there through the duration of the loan the only way you can change anything is to redo the loan and change the signers i know that sucks but is is a contract and until that contract is closed(paid off)there is not a lot you can do. . sorry When you co-sign for your son, you took responsibility to pay for this bike. He can refinance the bike and use different co-signer, if not it's 100% your responsopility, you can stop paing for it, then he will loose the bike and you will loose the credit, or make him sale the bike. I'm sorry, what happen to you. Good Luck! |
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