I live in Ohio. I have found a lot of info on similar cases but none that were the same circumstances as this so any help with this is greatly appreciated
I co-signed for a friend to get a motorcycle in 2004. A few months later he totaled it. When the insurance company paid their portion (I wish I knew what gap coverage was at the time) it paid the account ahead but left a remaining balance of about $4,000 on the account. The payments are scheduled to start again this December. The questions that I have about this are if he does not pay the next scheduled payment and I need to pay it can I pay the full balance and fees and then collect that from him in court or can I only make the minimum payments? If only the minimum payments can the court order him to pay the payments or would I need to pay the scheduled payments and then collect the money from him at the end of the term? Also, fortunately I have never had to take anyone to court before, if I can pay the full balance and collect that from him how is the judgement paid to me? Do they set some type of payment plan for him? Just curious...
Thanks for any and all help!
I co-signed for a friend to get a motorcycle in 2004. A few months later he totaled it. When the insurance company paid their portion (I wish I knew what gap coverage was at the time) it paid the account ahead but left a remaining balance of about $4,000 on the account. The payments are scheduled to start again this December. The questions that I have about this are if he does not pay the next scheduled payment and I need to pay it can I pay the full balance and fees and then collect that from him in court or can I only make the minimum payments? If only the minimum payments can the court order him to pay the payments or would I need to pay the scheduled payments and then collect the money from him at the end of the term? Also, fortunately I have never had to take anyone to court before, if I can pay the full balance and collect that from him how is the judgement paid to me? Do they set some type of payment plan for him? Just curious...
Thanks for any and all help!