W
wordweaver
Guest
My son in law purchased a motorcycle in California in 1999. He made all of the payments until recently when circumstances prevented this. They had an outstanding balance of $2,000 in payments due, paid that and then they took the cycle to the dealership and returned it. They were told that was the end of it. NOW they are going to sue him for the balance of the contract.
An offer was made to purchase the cycle by another party and they turned it down taking it to auction and receiving a lot less money for it.
His mother was supposed to have co-signed for the loan however all of the paperwork shows HIM to be the co-signer.
My question:
1) What can be done to stop these people ?
2) Can, and should they, go after the mother to collect (this is not a problem for the family) since she is listed as primary buyer (although she never signed anything ALL of the paperwork is in her name first, then his).
3) I hold a note as collateral on this cycle and it is being transfered into my name. Where does this leave me ?
Any advise is appreciated.
An offer was made to purchase the cycle by another party and they turned it down taking it to auction and receiving a lot less money for it.
His mother was supposed to have co-signed for the loan however all of the paperwork shows HIM to be the co-signer.
My question:
1) What can be done to stop these people ?
2) Can, and should they, go after the mother to collect (this is not a problem for the family) since she is listed as primary buyer (although she never signed anything ALL of the paperwork is in her name first, then his).
3) I hold a note as collateral on this cycle and it is being transfered into my name. Where does this leave me ?
Any advise is appreciated.