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  1. #1
    My Boats:
    Baja 252 islander
    Join Date
    Oct 2000

    Need some info on loans!

    I want to sell my Baja 232 for what I owe on it. I thought about advertising it that someone could just take over my payments. I've seen this a couple of times on boats. Just want to know if this is a good way to do it and what all it intales? Is it easier to take over someone elses loan?

    Then after I sell this one it's time for a bigger boat. I'm looking for a used or new 28' boat. Sunsation, Powerquest, Nordic, Sonic or Velocity.

  2. #2
    Charter Member #34 Charter Member Dock Holiday's Avatar
    Join Date
    Oct 2000
    Beautiful North Carolina
    The only way to know for sure is to contact the bank that holds the note.

    All are different. Some will not let you do it, some will for a slight fee.

    Check with them first.

  3. #3
    Registered Von Bongo's Avatar
    My Boats:
    1997 Cig Kevlar - powered by Boyd
    Join Date
    Dec 2001
    Iowa - Missouri
    Unless your loan has an assumption clause some one can't just take over your payments. Very few consumer contracts allow assumption and those that do allow the lender to check the credit of the person it is being assigned too. If they qualify for assumption they will qualify for the loan. The only benifit I can see to an assumption is if you have a below market interest rate.

    Check with your lender, I'd bet it isn't assumable.

  4. #4
    Registered mxz800's Avatar
    My Boats:
    99 checkmate 270 convincor
    Join Date
    Jul 2001
    Pasadena Md
    remeber assume = ASS outa U and ME something i learned the HARD way

  5. #5
    Platinum Member Platinum Member Tinkerer's Avatar
    My Boats:
    2001 Daytona 26, 1992 SCARAB 34, 1989 25 Checkmate Convincer, 1977 Glastron Carlson CVX 18
    Join Date
    Jan 2002
    ALTO, MI
    Don't lett them take over your payments or you may get burned since you are still the secured party. If they trash the boat and walk you get stuck paying for junk.
    Hey even if it ain't broke it's still fun to tinker with it.

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