@paop wrote:
Ok here is the story;
3 years ago my aunt got me a motorcycle under her name thru GEMB Funancing but it seems im never going to finish paying it off. Today she tells me she is declaring bankruptcy, and we does'nt want to deal with the paperwork involved in excluding it from BK.
So my question is: If I contact GEMB to settle the account will they let me keep the bike if settled for less?
If your credit is good, they may can transfer the loan to your name. If you're current on the account, they're not going to settle with you. The account has to be charged off after 6 months of non payments. At that time, they will repo the motorcycle and possibly sue your aunt. Your aunt may be doing the right thing by including it in her BK filings. Again, if you want the motorcycle, you'd have to see if GEMB can transfer the account in your name pending a credit check approval. Good luck!
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