Need to repossess/get paid for co-signing a dirt bike?

a buddy of mine hasn't paid his bike payment in 2 months, and I'm the guy that takes the hit if he doesn't pay, so I've been forced to pay it out of pocket. bike's value is 8k.
my buddy drifted away from me after not being able to pay, and he has no phone and no official address, and everytime I tell him to send a payment or pay me back on myspace, he always replies that he has no money. The jerk just bought a new truck and a new pocket bike.

Whats the best way to go about getting my money or in worst case scenario, the now de-valued bike back?

I own the title to the bike, and I have his parents' address and his social security number in my possession of that helps.

It is your credit ranking at stake, so something must be done straightaway.

Even if you could "repossess" the bike safely, you would still need him to sign off his interest. Then you are stuck making payments until you sell it and pay off the loan. Pass on that unless you want the bike and can easily afford the extra expense.

Through "binding arbitration" or a civil suit (small claims court) you could get an order for him to immediately pay off in full; remove you from the co-sign; or surrender his interest in the vehicle. Also the missed payments, court costs and extra for your aggravation can be tacked on up to the limit your state allows.

I recommend you check into binding arbitration because it is usually cheaper, easier and quicker.

You don't need to hire a lawyer but at least research your state laws and diligently prepare your case.

If you safely and legally can, take pictures of his new acqusitions to show he is capable of payment and has assets to liquidate.

Send him a certified letter (in care of his parents if need be) stating that you intend to take him to mediation or court (for breach of contract) if he does not immediately pay off the loan in full, provide proof of it and repay you what you had to cover. Get a signed receipt of delivery, as this is useful in proving that you gave him notice and an option out.

Nolo.com is the premier legal site on line that covers all the states. It has a plethora of useful information and links. It is a good place to start, easy to use, and is reliable.

Whatever you do, do nothing with his Social Security number... it would constitute a Federal offense. You shouldn't even have it, so lose it.

Take care.

I agree, small claims court. And lesson learned for next time - if you cosign for someone, you should expect to be the one paying. You should never do business with friends or family because this is what happens, and I bet you will no longer be friends with this person.
Ultimatly, since you signed the loan, you are liable to the bank, and you will have to sue him to get him to pay you.

As much as I hate to say it, take him to small claims court.

Sue him.

If your name is on the title of the bike then go to your local police station and claim theft. Tell them the parent's address and they will issue a warrant demanding the bike be returned and your friend to appear in court on theft charges. You then take him to court and sue for damages. DO NOT STOP PAYING FOR THE BIKE! It is not worth the years of heartache to try to build your credit rating back up!
Learn from this...there is being nice, and being a push over...don't ever let anybody treat you like the latter!

If your name is on title- go get the bike, simplest solution. then sue for back payment in small claims court--probably won't get much but maybe get a judgment and then can aggravate him. The judgment and possession of vehicle will let you sell bike and keep all money up to judgment amount. state laws may vary- what state are you in? Illinois standard vehicle sales contract have a confession of judgment by financier clause- means loan people can go to court and get repo order without buyer present for hearing and 2 months drag out process. Other states may say need 3 months of missed payments, others may say 1 month missed payment but must have legal service to buyer before seizure and suit for difference. Repo order from court needed in some states to prevent theft charge from buyer, others may work with sales contract and business records of fail to pay. check law and drive over to where you think bike is, take a strong friend and a trailer or pickup truck. A couple times in Illinois having the court paper and finding wanted vehicle at a public parking area meant just call cops, show paperwork and then hook up vehicle while police watched to prevent attack by deadbeat, once had default buyer charge out and cop arrested him for other warrants. On motorcycle a year behind the officers helped load in tow truck for $5.00 lunch(or beer) money, cleared a stolen vehicle report for them. .