co-signed.....help me!

i co-signed for a motorcyle and the guy is not making the payments, he has dropped my credit score waaay down, i have asked him several times to refi or even sell the bike to get my name off of loan but i'm not getting anywhere, does anyone have anything that could help me??????

Make the payments to save your credit, and then sue him in small claims court for the amount, plus damages. There is a reason people like that need co signers---which is precisely why you should never be one.

You cannot force him to get his own loan ( which he obviously cannot) and you cannot force him to pay. If you do not pay ( you are equally responsible in the eyes of the bank) your credit will be ruined and if they repossess the collateral, they may enter a deficiency judgment against you as well as him.

I'm sorry this is happening. If you can, keep paying, use checks so you have receipts ( with account numbers and write FOR BOBS MOTORCYCLE in the subject line) and when the account is cleared, sue him for the amount you paid plus damages. Unfortunately, even if you win a suit against him, and a judgment is entered against him, he still cannot be forced to pay--its that old "blood from a turnip" thing.

See if he can sell the bike ( obviously, he wouldn't do this voluntarily since he has someone to pay for him!) but it is worth a try. Do not discuss this in person----put it ALL in WRITING. Write it all down, send registered letters telling him you are making the payments ( if you have ) and you can take the bike and sell it and satisfy the debt, or you can work out some kind of other agreement with him ( if he is willing) . Something tells me he is not.