I cosighned for a friend (motorcycle) now the loan is in def

rc_vrtt · Joined: 24 Apr 2008 Posts: 1 1.00 Dollars($)

what are my options?

gmakerley · Posted: Thu Apr 24, 2008 1:31 pm Post subject:

pay for the loan. you signed the note guaranteeing payment of the loan. you are just as responsible as your friend.

did you not take into consideration that not all "friends" are creditworthy? shame, shame. i bet you won't make this mistake again.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi rc_vrtt,

I agree with George that you have co-signed with your friend. So you are also responsible to pay off the loan. So ask your friend to pay it off or help him to pay the due loan. Otherwise it will hurt your credit.

Best of luck,
Larry

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