DALLAS2233

I am not posting this so some smart ass bashes me. I am just asking if any one has heard of such a thing. I went through a pretty bad divorce, which like alot of people really hurt my credit. Ive always had nice boats, but because of my score its gonna take a few years to rebuild. Was wondering if any one out there has heard of some like me taking over payments from some one who may be in a situation where they cant afford there boat any more. i have money for a good down payment depending on the boat. just wondering. I figured it cant hurt to ask. thanks

f_inscreenname

A loan is a loan and a loan on a used boat with bad credit probably not the best for you.

huskyrider

iTrader: (1)

I've seen a few boats where it noted in the listing that the sellers were willing to let the purchaser take over the notes.
BUT, what's the lenders take on this???

There's no way I'd just start making payments without a transfer of title, and if you go change the name of the borrower on the installment contract I'd feel certain that the lender would want to run a credit check on you.
If you have a reasonable down payment and approach the lender with this;
"If your forced to repo this boat soon as they're obviously struggling to make payments how much do you think it'll fetch? Now, if you take my down payment and carry the note with my less than desirable credit rating you know I'm making a sincere attempt to increase my score, and if you do repo the boat that down payment will be just that much less you have to recoup from the outfit you place in charge of handling the sale."
I'd suggest telling a seller, if you find one, that your giving mony to the lender and not to them. I'd believe that they'd be inclined to just walk on the current loss than risk being backcharged by the lender for the difference in the repo sale price and the principal balance.

Good luck with scoring a new boat and with finding a gal who'll be right for you.

See ya,
Kelly

goatskin

Dallas, in my hard-shoe life, I am a banker, albeit not in America, and not in retail banking. That said ... banks and banking are pretty much the same everywhere: we love to loan money to people who don't need it, meaning ...

If you are banking with a branch of a major Money Center bank, what you are wanting to do will be harder and take longer. If you are with a local corner-bank a/o Credit Union, stay there and go talk to your banker. Got to lunch: he'll pay. Explain and document for his files.

Keep some funds on deposit at your local bank, regardless of the negative interest rate. A $10thou rollover CD is (in banker terms: decent money, and shows responsibility, seriousness, prudence, etc.)

Second, append your credit reports, to all three agencies. Talk to your creditors, and even your wife's creditors. Ask for a continuation of credit, use it, and collect no late charges. After 6mos, or so, ask them to remove their prior hickey.

Get 2-3-4 no-fee, low-limit credit cards you can (ignore interest rates): use it, pay in full monthly, then cancel each in 3-4 months. Rinse/repeat. Keep no more than TWO rollover cards that you use, and ALWAYS pay 10-20% over minimum.

You can re-build your credit faster than you think, and keep your local banker in the loop. He will have a lot more flexibility than Wells, Citi, Chase ... Banks want 'bankable loans', and your FICA score is a big part (but only a part) of that assessment.

What banks want to know(the only thing that matters, really is "How will we be re-paid?") A +25% downpayment, cash-flow statement and tax returns are comforting in the files.

Assuming an existing note (unless it is 100% kosher as husky outlines) ... is a horrid idea, but a path-greaser to Chapter 7.

Bob

phragle

iTrader: (3)

Be carefull, there are a couple shady "take over payments" boat places out there. Google blue water partnerships or something like that (and who knows what they are calling themselves this week). they claim to set you up with a boat 0owner and be the middle man in a take over payments arrangement. supposedly you get the boat, make the payment to them and they pay the bank (they tell the seller that they will make the payments even if the buyer screws up). Only problem is you make payments to them, and they pocket the money.


Scams:

http://www.boattrader.com/dealers/Bl...splay-listings

http://www.ez2buyllc.com/

Griff

There was company that would "lease" boats a while back for people that had issues making their payments. They were the middle men. The boat was owned by one person who didn't want to make the payments anymore, but couldn't get out of the boat. The comapny then brokered a lease agreement to another person.
I don't remember the name of the company and don't know if they still exist.

FIXX

iTrader: (2)

whats wrong with taking that large down payment and just paying cash for a nice old school twin engine cigarette,formula, fountain etc..their are alot of great deals out their to be had.. a suit case full of money is better then one tied to a bank!..i get more looks with my classics then some of my friends new 200+k boats..nice part is you have money everymonth for gas..

good luck..

SVL-WARLOCK

Also talk to a company that fixes your credit. It is usually quick, 2-3 months.

Full Force

iTrader: (5)

My Ex wife destroyed my credit and I am still being screwed by her every month, I am working on getting things taken care of, I have always tried to be a cash paid person, I have used every boat and vehicle as stepping stones over the years to get what I want and have it paid for, no loans, sometimnes borrowing short term from a family member or close friend can help as long as you have the means and ability to pay it back... start small and move up over a year or two, unless you are looking for a big money boat....thats different..personally I dont like to have payments as if something goes bad you are not fukked....

I have no idea your situation but thats what I do personally and am happy with the boat and vehicles I have, its not a 39 Staggared Cig, and my Mustangs not a Ferrari, but both do the same thing for the most part... and paid for..

chris@uga

Wow, I thought I had it bad when I divorced my worthless wife, but at least she didn't mess up my credit and I was able to pay her off with one lump sum. Thank God we had no children together.

I always sleep on a purchase idea for weeks if not months. Usually the impulse passes and I continue to keep my nose to the grindstone until I really feel comfortable with a purchase and know I can very easily make the payments.

My opinion is worth little as I'm not in banking or finance, but I'd work on rebuilding your credit score and sit out a spring and summer until you can properly afford a boat. Stay patient and your hard work will be rewarded.

Heck, pay cash for an older hull with fresh, stock power and enjoy that for a season before you upgrade. That's what I've been doing with smaller lake boats before I get my dream boat.