QUESTION

Can I legally remove my name from a loan if the co-signer has possession of the vehicle and refuses to pay?

Asked on Sep 16th, 2015 on General Practice - Florida
More details to this question:
I have a motorcycle loan that has a co-signer (names separated by AND not OR) the co-signer took the bike out of state in March of 2015 and refuses to pay or change the tags to VA. I am still paying for the loan and the insurance in FL. Can I legally get my name off this loan?
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1 ANSWER

Appellate Practice Attorney serving New York, NY
No.  The dispute is between you and your co-signer, and doesn't affect your obligations to the lender.The lender advanced money based, at least in part, on your credit.  It has done nothing to justify forfeiting that benefit. I assume that when you say "co-signer" you mean on the motorcycle loan, not title.  If so, you can sue your co-signer for failing to make his/her share of the payments, if your agreement was that he/she was to pay part or all of the loan.  Also, depending on how title to the motorcycle is held, you can sue your co-signer for the value of his/her use of the motorcycle and/or to return the motorcycle.
Answered on Sep 16th, 2015 at 11:33 AM

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