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 6 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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