I am a co-signer on a loan for a motorcycle. The person I co-signed for has missed a few payments. Is there any law that says I can repo the motorcycle myself. Or, do I have to wait till my credit is fully ruined and let the bank repo it?
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ymjplnc
ANSWERS: 4
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"Generally, if you just co-signed the debt, you have no rights in the car itself. If you are a co-BUYER, and are joint on the title, you have an equal right to possession and use of the vehicle. However, there are many problems you need to discuss with a local attorney: 1. In many states, even if it is your property, you cannot simply go and grab it. You may have to file a lawsuit for replevin or detinue in court and get a judge to order the vehicle turned over to you. 2. You may find yourself in possession of a vehicle licensed and titled in someone else's name. 3. You may be able to convince the co-signer to sign the title over to you if you are a co-buyer. Sign it over to you if you are not may void the sales contract." http://www.avvo.com/legal-answers/what-is-a-co-signer-s-rights-if-the-primary-debtor-10634.html
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Repoing it yourself is called larceny. You can pay the note yourself and sue to recover the amount you are out. Once you get a judgment, you can attach the bike to satisfy the judgment.
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It may be a case of you taking ownership of the Motorcycle if you start paying for it? I'm not sure so I would check under the terms of sale, of which you should have a copy? Good luck and always check the small print.
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Your best bet is to persuade the owner to sign the bike over to you if he is going to lose it anyway. That would be the least difficult option. The second would be to contact the bank before the repo and get in touch with the right people. Perhaps you can persuade them let you take over the bike with existing payments. That's a bit tricky, but they will be coming after you for the payments so perhaps you can negotiate. The last option is to take the dreary legal route mentioned in other answers.
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