What is the name of your state (only U.S. law)? NH
13 mo ago I co-signed a motorcycle loan for a friend with his verbal statement that after 12 mo, he could get the bike refinanced in his name. The dealer verbally agreed that they would refinance, if he made his payments in a timely manner -- so to rebuild his credit (my friend and I were witness to this). The bank that holds the loan changed their policies 10 mo ago and will no longer allow refinancing for said loan.
As his credit is not very good, he is not able to acquire a loan on his own and only his name is on the title documentation.
He has maintained the loan with perfect on time payments.
What are my options for getting my name off this legal contract?
13 mo ago I co-signed a motorcycle loan for a friend with his verbal statement that after 12 mo, he could get the bike refinanced in his name. The dealer verbally agreed that they would refinance, if he made his payments in a timely manner -- so to rebuild his credit (my friend and I were witness to this). The bank that holds the loan changed their policies 10 mo ago and will no longer allow refinancing for said loan.
As his credit is not very good, he is not able to acquire a loan on his own and only his name is on the title documentation.
He has maintained the loan with perfect on time payments.
What are my options for getting my name off this legal contract?