Both our names are on the title and there is an "and" clause that indicates he cannot sell it without my signature. He plans on selling the bike and "cutting his losses." Is there a way for me to call the bank and take over payments without his interference?
What options if any do I have? This former friend turned out to be an over compulsive alcoholic and hit me. I had to file a report with the police. Does anyone have any advice? I called the bank to take my name off the account to make sure he doesn't mess up my already bad credit. Thanks.
2007-10-19 16:37:18 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Why did he take the bike and "cutting his losses"? Sounds like you didn't make the payments on time.
Technically, if your name is on the title, he can't sell it without your signature. But neither can you. It sounds like you need to "cut your losses" and let the guy have the bike and the loan. He is the one who had the decent credit.
2007-10-19 17:24:23 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
That's why you don't put friends on your loan or co-sign for others.
If both your names are on it, then he has just as much right to it as you do.
Good luck.
2007-10-19 23:43:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋