My question involves a consumer law issue in the State of: California
I co-signed a motorcycle loan a few years ago. The primary buyer has recently defaulted on the loan and refuses to speak to me so we can work this out. I contacted a relative of his and asked her to speak to him. I am willing to take over the loan and the motorcycle and pay the past due amount, only if he is willing to turn over the motorcycle to me and take himself off the loan. I did some investigation and found out both our names are on the registration listed as "or", I was told I can go to the DMV and take his name off the registration and change it to my name only. I was also told that I can refinance the loan and have someone else purchase the motorcycle. Has anyone ever encounter this issue? What is the best way to handle this. Also...I have the extra set of keys to this motorcycle, so I am assuming it will not be difficult to pick up the motorcycle.
I co-signed a motorcycle loan a few years ago. The primary buyer has recently defaulted on the loan and refuses to speak to me so we can work this out. I contacted a relative of his and asked her to speak to him. I am willing to take over the loan and the motorcycle and pay the past due amount, only if he is willing to turn over the motorcycle to me and take himself off the loan. I did some investigation and found out both our names are on the registration listed as "or", I was told I can go to the DMV and take his name off the registration and change it to my name only. I was also told that I can refinance the loan and have someone else purchase the motorcycle. Has anyone ever encounter this issue? What is the best way to handle this. Also...I have the extra set of keys to this motorcycle, so I am assuming it will not be difficult to pick up the motorcycle.
Repossession: Co-Signer vs Primary Buyer
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