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Need some info on loans!


Old 06-04-2002, 10:28 PM
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Join Date: Oct 2000
Location: Allen,Texas,USA
My Boat: Baja 252 islander
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Default 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.
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Old 06-04-2002, 10:40 PM
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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.
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Old 06-04-2002, 10:40 PM
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Location: Iowa - Missouri
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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.
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Old 06-04-2002, 11:04 PM
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remeber assume = ASS outa U and ME something i learned the HARD way
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Old 06-04-2002, 11:10 PM
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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.
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