I was an idiot and co-signed

[krbowes]

20 months ago I co-signed for a friend on a Harley. I have never ridden, nor made a payment on the bike. He told me that he was going to refinance the bike in 6-12 months after he purchased it.

About 10 months later, he told me he had. I never checked my credit to verify.

About a month ago I went to get a home equity loan on my house and was informed that my credit had dropped from a 680-700 mid score to the mid 500's.

The Harley has 60 and 90 day lates for multiple months. I have not been late once in over a year on any tradeline except the Harley.

He is refusing to bring the bike current. If it winds up in Foreclosure/repossesion I will obviously suffer from that. The title reads Him OR me, not AND. (if that matters)

I can't seem to compell him to turn the bike over to me.

I know I'm responsible for the payment if he refuses to pay (I co-signed), but can he really keep the bike while I pay???!!!

I understand I'm not going to come out of this for free, but tell me he can't hold me/my credit hostage with this bike!!!!!

HELPPPP!

you could file suit against him (or at least threaten to do so) in small claims court or in regular court; filing in small claims court is easier and requires no attorney...you could try to collect all of the costs and damages that you suffered due to his behavior.