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Co signed on a signature loan
I was stupid enough to co sign on a signature loan for a friend. The money was then used to purchase a motorcycle. The primary on the loan is his girlfriend and I am the co signer. I did this because of a verbal promise that the loan would be refi'd in 6 months to remove me. Well low and behold, I have made the last 11 payments, they broke up, she has the motorcycle and I am looking at ruining my cerdit and paying out $334. every month for nothing.
Can I take her to court for the months I have paid, and if i let it go to delinquency, do I have a cause of action to file for damages? Please help me |
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Cosigning
This article may be useful to you and anyone similarly situated: Cosigning a Loan Lawyers
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What you are describing is a two edged sword........
You can stop paying, and they will come and repossess the motorcycle so at the very least, she isn't riding around on the bike you are paying for. But, the flip side of that is that it reports against your credit. You can continue to pay for the bike, and when it is paid off, sue her for what you paid, but since you AGREED to be a co-signer, you may not win the case. The verbal agreement is a moot point because any assertion that she agreed to refinance or repay you will be met with her denial of the same. Hard lesson to learn............ Have you attempted to contact her? Any response? Good luck. |
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