thedonz

not true, if in Florida... a lienholder is not responsible for the acts of the owner of a vehicle or boat....if you are on the title as an owner, then yes, but not as a simple lienholder.....the title is not in your name, you only have a lien right....thus, you are not responsible.....

PhantomChaos

You're paying her 25% interest........what the heck was the rate the bank gave you!!!!!!!

Downtown42

Guessing you're at 10% for 5yrs with her, if she is capping 4k in interest.

I would call Skipper Buds Finance dept in Waukesha WI, with about 40% downpayment I think you'll do better.

Downtown42

262 544 1200

baddogz28

7.9% for six years, simple interest?

I'm not paying a flat $4000... It ends up being $4100 or so if I keep the loan to term, which I won't.

baddogz28

Thanks Downtown, I will definitely look into this if the deal with her pisses back.


Soooo, back on topic fellas.

I understand that they'll go after everyone in the event of an accident.

Maybe I can insulate her completely by not naming her as the lien but merely signing the title and handing it over to her?

Chris Sunkin

There's an informal term the legal community uses for tactics like this. It's called "getting cute". They don't work, but they do piss judges off. Plus it's a bad move on her part. Unless she transfers it, all you have to do is get a replacement and you can sell the asset.

I wish someone would have gotten through to me when I was your age. The mistakes I now regret...

Making $70K and having to borrow $16K and on top of that, taking 6 years to repay? About a $300 payment? On your income, living at home?

With all due respect...
RUN, don't walk but run from this deal. You should be looking to put those dollars to work on an appreciating asset like a home (or even better, a rental and keep living w/dad) than an older boat that's going to be a cash sponge, even if you have good luck with it.

I know you didn't ask so feel free to tell me to go F- myself. I wish someone would have convinced me a couple decades ago. Moves like this are the precursor to a life filled with high-interest loans and visits to bankruptcy courts.

pasquesi

Chris, as usual, you are right on the money. (no pun intended) This situation is a perfect example of how the banks are bulging with inventory of foreclosed homes, repo'd cars and boats, and credit card defaults at stratospheric levels. This generation does not care to wait, save, and buy with cash. Now, I realize that mortgages are necessary, as well as vehicle loans. However, when you are only making 70K, and don't yet own a home, why would you saddle yourself with a depreciating expenditure? If your bank won't loan you the money, or is charging you high interest, they know more than you. Run away from this deal, and save your money until you can afford to pay the extra 16K.

Sorry to be so negative, and it's only my opinion.

PhantomChaos

Sorry....need coffee. Why not go with the bank deal and pay your dues? You will earn more credit that way if you make your payments ON TIME.

Chris Sunkin

I also feel badly about being the bearer of bad tidings. There's nothing stronger than the siren call of performance boating in the Spring. All those thoughts of wave-mashing and being a chick magnet at the local waterfront watering hole are tough to ignore. For a young man with limited capital, it's the siren song of Satan. I know the feeling- I succumbed to it and it bit me. Had I been smart (is anyone in their 20's capable of being smart?) I'd have listened. I didn't.

I know all about making payments on a boat that didn't run, monthly rent on a place to store it and a young wife who looked at me like I was some sort of a$$hole for pissing all that money away while we crammed a new baby into a tiny apartment. It was a long time ago but it seems like yesterday.