owner financing
 

Got someone interested in my 280,wants to know if I would owner finance ???? I cannot think of a safe way to do this. Anyone got any ideas? Bob

Unless it was a friend that I PERSONALLY knew...I would not even consider it. It sounds like all you will need to complete the deal is some KY Jelly...think seriously before you do it.

I am not even sure I would do it for someone I knew. That could get very ugly. There is no real way to protect yourself. Sure, you can have legal documents drawn up, but if they don't come through you have to take them to court to get what you can of the left over pieces.....

I've done this several times on the selling end! It's not worth the stress you'll put yourself through. Can get messy when you send Guido to get your boat back aswell. I'll never do it again with the best of paperwork from your attorney you'll still be less than favorablly covered IMHO Rich

Not just no...but HELL no.

must be a reason why he does not go to the bank for a loan....

I would not do it..

even if it was a friend I wouldn't recommend it because he won't be a friend of yours for long. As mentioned there is a reason he is not going to the banks. Save yourself some headaches and say NO.

I feel the same way. I was just wondering if there was a way to protect myself legally that I was missing. Thanks guys. Bob

Get 98% down and string out the other 2% over 2 years :)

if he owns a house you can file a lien on his property. At least if he defaults on the boat you have his house to take. I ran into an issue selling my last boat because it was worth over what the banks would lend on it. We ended up with a cash buyer which eliminated the problem. Good luck

Id tell him you need some $$$ down and then he can make paymens on it and come by and look at it in your garage when ever he wants. maybe even sit in it and drink a beer if hes lucky. And when he gets it payed off he can take it home with him. LOL. Walmart used to do this also "minus the beer part" It was called LAYAWAY!

Obviously not a Walmart in Canada!

That was my thinking too...NO WAY would I let someone take the boat home until it was paid in full. The odds are he will blow the motors up or damage the boat in some way and then stop paying. You will end up repoing the boat and be stuck with a big repair bill. Think about it...most people keep paying their bills because they dont want a ding on the credit report. An owner financed purchase doesnt report on the credit report which means they will have no real reason to make their payments if things get tight.
Its just not worth it.

did it with a friend,for a baja 240 sport....took him six years to pay for it;we finally did the transfer last week....never again :angry-smiley-038: