Legal Question in Credit and Debt Law in Michigan

co- signer

I took a loan out to purchase a motor cycle. My dad co signed the loan and took possesion of the bike. He made a verbal contract with me to make the full payments on the loan since the bike is in his possesion. The title is in my dads name. He has defaulted to pay the loan on time which ruins my credit and freezes my bank account monthly. He will not sell the bike or sign the title over to me and I can't sell it since the title is in his name. Is there any way to get the title in my name so I can sell the bike? Help me please!!


Asked on 7/30/08, 1:22 pm

2 Answers from Attorneys
Timothy Klisz Klisz Law Office, PLLC

Re: co- signer

You would need to pay off the loan, or sue your dad to obtain the title to the bike. You are in a catch-22. I can assist you on this matter. Contact me at www.kliszlaw.com to discuss. Tim Klisz

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Answered on 7/30/08, 1:44 pm
Audra Arndt Audra A. Arndt & Associates, PLLC

Re: co- signer

You'd either have to pay off the loan, which would give you free and clear title, but then you'd have to have the bike repossessed to physically get it back. You could also sue your dad right now for breach of contract, since he was supposed to make the payments, and if he can't, then he should give the bike back to you so you can decide what to do with it.

I would suggest hiring me to send a demand letter to your father in an attempt to resolve prior to a lawsuit and if that is not successful, then pursuing a lawsuit.

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Answered on 8/03/08, 1:39 am


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