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Old 04-24-2008, 08:17 AM
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ive goy a couple buddys wanting me to carry a note on a boat both r good financially, one just started a wrecker serv , one just bought a lake house so both credit to debt ratios r close, they want to give 6000 down on a 45000dollar note, for 3 years and then get there own financing. with the market the way it is im leaning towards this. what do u think.there will be a contract written by a lawyer,they will pay for insurance and repairs.

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Old 04-24-2008, 08:28 AM
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Credit worthy people can get all the financing they'd ever want at market rates. This would be a really bad idea on just one guy, but a partnership? Even if they're both good as gold, a pi$$ed of wife, a divorce or a bad business break for one of them sinks them both.

If don't mind losing the boat and the friends, I'd say go for it.
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Old 04-24-2008, 08:38 AM
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I would not do it on anything that depreciates or has an engine that can blow up.

I saw this exact thing happen a few years back and both parties lost.
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Old 04-24-2008, 08:41 AM
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Run. Run like hell. I did a partnership with my very best friend on a boat years ago and it cost us years of war over stupid chit that just should never have happened. It just don't work. I have seen way to many friendships go down hard over money.
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Old 04-24-2008, 08:43 AM
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I wouldn't do it. Sounds like a bad idea. Just my .02
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Old 04-24-2008, 08:52 AM
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Don't do it. I have been in that position and it will cost you a friend. little things will start to eat at you and then BAM!
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Old 04-24-2008, 09:01 AM
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Regardless of how good their friendship might be, this is not a good ide. In fact, it's never a good idea to hold a note on something that can be moved, hidden orrapidly de-valued. Deals like this happen all the time, but the odds are stacked against the loan-holder on reaching the end with as much money/profit as assumed.

Play the odds on this one and don't do it.
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Old 04-24-2008, 09:04 AM
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Tell them Chinese Financing Only: WON LUMP SUM!
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Old 04-24-2008, 10:03 AM
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never...ever...carry a note on a boat that can and will have some sort of problem...he will not want to pay to fix it and then not want to pay for a boat that he can not use...it WILL cost you a friend....
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Old 04-24-2008, 10:16 AM
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I think he is selling it without power.
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