This may a real stupid question
 

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

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

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

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

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/

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
 

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..

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

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..

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.

Most banks or finance companys will not let you take over payment. I have a 803 credit score and I tried to take over two different boat loans in summer 2010. They both said no to the owner. So I went to credit union and borrow the money in fifteen minutes and went back and paid off his loan for the boat. Payment now shorter term and lower monthly payment.

Most likely they said no because of the age of the boat if its the 91 cig.. Most banks won't loan older then 10 years old of a boat ... Credit unions are much more forgiving... It's not always about the credit score...

Find the right boat (for you) with the right seller. A boat without a note on it, so older most likely, is how you do this.

I bought a $450k house on zero interest owner finance, so I'm pretty sure you can find a boat owner who will do the same in this market. The key to deals like this is having a contract drawn up by your attorney, reviewed by their attorney, and a short term payment plan - as in 36 months or less.

You probably won't get title until its paid, but if your contract is written correctly you have possession of the boat and an equity stake relevant to the cash you have invested to date.

Look for the win - win in the deal, meaning you should be looking to protect the seller from you as much as you are looking to protect yourself in the deal. That's how these deals get done, when everyone is comfortable that its almost impossible to get screwed.

There are a lot of boats for sale out there that aren't moving. I don't think this is a difficult thing to do if you are willing to be a bit flexible. I think quite a few boat owners who are looking to sell and don't have a note on their ride would consider all selling options.

If I was a seller in this situation I would be looking for an additional insured clause, and the buyer to be in my home State.

My credit was bruised in a divorce, i did what was said above. I took my 35k and paid for a nice older boat rather than using that money as a down payment. Im happier with my 85mph paid for boat than i would be with a newer boat with a note on it. It makes the winter less painfull too.

If you can't pay cash for a boat you can't afford it.

Simple as 1,2,3............

That is simply not true.

A friend of mine did this with his boat. A year later he has no engines or drives and missing some interior. The "buyer" gout off with some misdemeanors I was told. Oh, and the boat was reported stolen buy the buyer so my friend had to wait several months to get it back. Real shady deal that I told him to not get into. He was hurting for a buyer though as he was over his head on his fountain financially.

Not true for everyone...

Yep, love having mine outright, no payments to make on top of all the other things to do every winter, I average 3-5000a winter in mantainence and updates... it's easier without a payment on the boat...

I've been thinking about this.......how can an ex-wife "destroy" someone else's credit?

easy... she takes debts, you take debts... you pay on them, she stops paying, my name is on the 2 shge decides not to pay the bills therefore ruining my credit, I could take her to court and fight stuff $$$ or pay them myself $$$$ credits messed up and I have the house, my boat and 3 vehicles are paid for so I can really care less about my credit score honestly... so when she does her bankruptcy that she claims she will do that frees me up to fix credit...

exactly!

It's pretty unknown but you can also buy your credit back from the creditors. In short you offer cash and they go back to the credit agencies and say they made a 'mistake' and you weren't ever late / didn't miss any payments.

A financial attorney told me about this. Blew my mind.

Sounds like a sloppy divorce. When she took part of the debt, shouldn't have had your name removed as a guarantor and likewise have her removed from your debt. Either way, it sounds like a lot of debt! :(

If I ever get divorced I`m gonna go the Blue Barrel route, seems easier! :lolhit:

I ****ing hate when people say this. Come down off your high horse.

Most people on here have bought a boat on credit at some point.

I bought my boat with a loan and my wife, friends and family have enjoyed a ton of time on it. If I'd have had to wait a couple years to buy it with cash that would have been a lot of good memories missed out on....

More a Chicago thing but you right, seems easier:party-smiley-004:

SEAFORD IM WITH YOU NOT EVERYONE IS LUCKY ENOUGH TO PAY CASH, DALLAS I KNOW HOW UGLY A DIVORCE CAN GET, I LOST ALL KINDS OF CRAP AND GOT BACK TOGETHER 2YEARS LATER:angry-smiley-038:

They would not remove names without refi... upside down in house due to our wonderful govt fukking things up, the debt isnt that much really, but I refuse to pay her half... I dont need the credit that bad right now so fuk it..if I pay she wins... no thx..

Yep.......sounds like living beyond means. :D :D Best of luck recovering from your "ex's" destruction tactics! Sounds like you both ran up the debt.

Ok, so you must know it all, sure we both ran some debt up, difference is I pay my side, I am sure you are perfect, and never been scred over by anyone and have a MTI you paid cash for, well goody for you! not all of us have a perfect life and went to go a different route just to be happy.... you know nothing about my history besides what I posted, so I don't see that being enough info to judge people...

Why so defensive? I was just trying to understand why guys are blaming the EX for trashing their credit. I went through divorce and yes it almpost bankrupt me, but I was young, not money smart and had way too much debt. My ex did claim bankruptcy and it did affect my credit for the same reasons......I didn't get my name off her assumed portion of debt. It took many years to climb out of. Looking back, I blame myself for not getting my name off the debts she assumed. Sorry if you thought I was judging you!

Looked like you were judging me so I responded...she took 2 debts to pay that we're in my name so I can't remove my name and out hers on it... Don't work like that... Court papers say she pays them... She's not therefore ruining credit oh well... Life goes on...

Its funny, I took this the same way as you did. Why is everyone blaming their ex? It was honorable that you took accountability for the situation, that is the only way to live life IMO. Why point the finger?

Bottom line, any debt that is shared and has your name on it....better make sure you can pay for it by yourself if you have to.

The idea that you mismanaged your debt, want to blame it on the wife, and now are searching to take on new debt before the old has been settled is just mind boggling to me

Why don't you take that 3-5000 dollars you spend in the winter and pay down the debt you and your wife accrued?

To think you have spend the last year bragging about the fact that your wave crusher doesn't have a payment, talking down at other boat owners.....when it turns out you CAN'T have a payment? :lolhit:

class act

http://www.offshoreonly.com/forums/b...rash-talk.html

Ok you don't know me at all... I never said I can't pay for a mor expensive boat... I like having one paid for... It gets to me to same place as your non wave crusher does... So don't even start the boat bashing like you did to the guy with the "small" boat... Because you have a big bad fountain makes you no better ten anyone else... And if and when you get divorced one day you may be eating some of the words you post... You don't know until your in the shoes... And why would I pay off her half? Screw that
You think you know everything about everyone's situation and try to make yourself look great... You're not

Still very funny to me that someone rips on your boat and you rip them back... But it's ok for you to do it... Yep class act pal

First off your friend with the smaller boat made the fountain crack long before I tore him a new one, and the lake erie crowd came to his internet rescue.

Anyone can read that thread and see that you are narcissistic.

Never said I was better than anyone else, that was you talking about your wave crusher! And the fact that you could have a newer boat with a payment, but you chose not to because a 1985 cig is superior to everything, even the new TG! CRazy talk bro!

And btw my wife doesn't have a job, so I know I can pay for the debt if we got a divorce. And yes, if the bill has your name on it too and is affecting your credit it is not HER bill it is YOUR bill too! Pay your bills bro

Awww Fountain boy is mad... Haha the small boat comment was in a different thread and so done I don't evn know lol all you talk about is your boat and how great it is... So fuk off with that chit...

I hope your wife takes you for whatever you got when she leaves your ass someday.. Don't worry about how I handle my life... I like my life and can give two fuks what you think of me

I'm mad? Sounds like you are mad.....again....you really should look up the definition of your condition.

I was just making an observation that you spent all summer jumping on threads, talking up your boat, talking down every ones else, and you could have a new boat and an evil loan if you wanted (which turns out you can't)...but anyone that is not paid off sucks, you chose to use "Cash" as if you have options

Wish what you want, but I still have a wife and still have credit, and it will not change. Also some of us prepare for things in life, we don't rely on luck. You put your faith and credit worthiness in the hands of your wife? Just nutty....no one to blame but you.

Haha only boat I ripped on was yours after you said you would rock past me at 90 in big water and you wouldn't... You were mad I didn't now down to you and Reggie... And the 38 fountain is still the lowest quality rough water ride I have ever had in a 32+ foot boat oh well we all have opinions... Ohhhh did I just rip on you again? That's right it's bad for me to do it but its ok for you to bash me and others for having older or smaller boats... I forgot that makes you a Bette person... Not really ... Haha

I was not the guy that said having a payment was stupid.. Not one to e you have me mixed with someone else I could get pretty much whatever I need to buy thus none of your business so I have what I have and am happy...

You have a wife that's great.. May last may not... Do you think everyone that's divorced thought they would be? Your kinda newly Marie I think from what I saw somewhere... So wait 10 years and see how it's going if good the good for you.. If not then well join the club... Lol

All I did was state on this thread how you can get credit screwed up by ex wife... Of course you had to try to be better and make others especially me look bad oh well... I can give 2 chits what you think of me... I can tell by how you rip others that you are the last kind of person that I would wanna know anyway... Sit there on Reggie's cock and think about how you look yourself ripping on others for not having what you might have...

Good talk... Lol