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Ok first I don’t know if this belongs here but if it doesn’t mods please move it to where it belongs. I’m 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 person’s 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 he’s 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 I’m just trying to help out a friend.
 

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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.
 

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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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