If I co-signed a motorcycle financing agreement with my friend but he passed away, is there a way for me to negotiate with the dealer to lower the loan balance?
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If I co-signed a motorcycle financing agreement with my friend but he passed away, is there a way for me to negotiate with the dealer to lower the loan balance?
I know I am liable for the remaining balance of the loan.
Asked on July 23, 2014 under Business Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
You can always try to negotiate, and you can it as informally as calling them; or more formally by letter or email. But they are under no obligation to change the loan balance; doing so would be completely voluntary on their part. That being the case, try to offer them something to make it worth their while, such as offering to pay a lower balance or amount all at once, so they'll get their money faster.
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