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post #1 of 6 Old 03-13-2008, 06:16 AM Thread Starter
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Help?

Ok first I donít know if this belongs here but if it doesnít mods please move it to where it belongs. Iím going to attempt to try to make my story as short as possible so here I go.

So my friend is in a pretty ugly situation. He cosigns for one of our friends for a bike and misses payments and takes the bike back. Now he let a coworker of his take over the loan to the bike and had him sign a contract and had it notarized. His coworker gets arrested and misses the first payment and tries to get his bike back but his coworker hides the bike with his brother. Now his coworkers wife tells my friend where its at. My friend has to repo his own bike back and now death threats come into play form the coworker after he heard what happend. My friend is trying to get rid of the bike but he needs the other personís signature but the coworker refuses to sign any papers. The most information that he could get out of the bank is to try to refinance the bike under his own but heís afraid that his debt to income ration is pretty bad.

Has anyone encountered a situation like this? Any help or suggestions would be greatly appreciated! Remember this is for my friend not me Iím just trying to help out a friend.
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post #2 of 6 Old 03-13-2008, 06:38 AM
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If it was me and the coworker wasn't totally crazy I'd maybe try to talk to him...from what it seems he hasn't really had any loss except the bike which technically if the loan is still in your buddies name has nothing to do with him at all depending on what the notarized contract states. I would think if he cosigned for the bike he may be able to get it refinanced in his own name...might be worth a shot. If not maybe he has someone else that can help like his parents or such who might have better credit.

Sounds like a pretty tough situation.

"You can't trust anyone, not even your own asshole; sometimes you think you're gonna fart and you sh*t."
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post #3 of 6 Old 03-13-2008, 09:37 AM
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The moral of this story is:

Do not cosign for anyone!



John 8:24:
Therefore I said to you that you will die in your sins; for if you do not believe that I am He, you will die in your sins."
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post #4 of 6 Old 03-13-2008, 12:54 PM
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That's too complicated, the best thing your friend could possibly do at this point is get a lawyer... That or take the hit on his credit and let the lender repo the bike. After the initial experience with his friend, he should've known better to get into the same situation a second time...
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post #5 of 6 Old 03-13-2008, 11:01 PM
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never lend money to (or in this case co-sign for) a friend...you'll end up losing both

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post #6 of 6 Old 03-14-2008, 07:51 AM
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Quote:
Originally Posted by GuitarPlyr View Post
The moral of this story is:

Do not cosign for anyone!


2008 Ninja Zx-10R

2005 GSXR 600 track bike
#637 NESBA


08 GSXR 600
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