Legal Question in Credit and Debt Law in Michigan

Co signed a motorcycle loan

I cosigned for a motorcycle loan for a friend. The bike is no longer ridable (accident). I haven't heard from my friend in months.The loan co just called and said he is 4 months behind in payments. What are my options? I have a job and a loan for my bike which I have been paying on time. My credit is good. Help?


Asked on 9/03/07, 6:42 pm

1 Answer from Attorneys
Renee Walsh LawRefs Nonprofit

Re: Co signed a motorcycle loan

As a cosigner, you are obligated on the loan. Indeed, the sole purpose of you having been the cosigner was to allow the seller to go after you if the other party defaulted. You may go after the friend for breach of your contract with him.

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Answered on 9/03/07, 8:39 pm


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