What is the name of your state (only U.S. law)?
I live in FL. Hello. I co-signed on a motorcycle for a friend. I am the main loan holder.
I signed this loan under the pre-tenses that I believed that the other person was very much able to make the payments but just needed to build credit. By the first payment, he was arrested and put in jail for over 1 month. Due to this arrest, I found out that the only thing that he had told me about himself that was true was his name. I feel that I was swindled. I would not have signed this loan if I had known the true facts. Three years + have passed and the payments have been made every month on time by me with the other party re-imbursing me. Point being that I am not about to mess up my credit due to this. He proved irresponsible by the first payment. He has made at least 75% of the payments late, bounced 2 checks and is currently 5 months with no payment. He has the bike in his possesion. I have closed the account because he had charged items with out my knowledge, flat out lying about how he obtained them. The account has been paid on time excluding the first month. Do I have any leagal rights in this situation?
I live in FL. Hello. I co-signed on a motorcycle for a friend. I am the main loan holder.
I signed this loan under the pre-tenses that I believed that the other person was very much able to make the payments but just needed to build credit. By the first payment, he was arrested and put in jail for over 1 month. Due to this arrest, I found out that the only thing that he had told me about himself that was true was his name. I feel that I was swindled. I would not have signed this loan if I had known the true facts. Three years + have passed and the payments have been made every month on time by me with the other party re-imbursing me. Point being that I am not about to mess up my credit due to this. He proved irresponsible by the first payment. He has made at least 75% of the payments late, bounced 2 checks and is currently 5 months with no payment. He has the bike in his possesion. I have closed the account because he had charged items with out my knowledge, flat out lying about how he obtained them. The account has been paid on time excluding the first month. Do I have any leagal rights in this situation?