I am interested in selling my boat and have the buyer assume my current loan. Anybody ever done this? If so, how does that work? I do know that the loan has to be assumable to do so.... Thanks for any info...
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I am interested in selling my boat and have the buyer assume my current loan. Anybody ever done this? If so, how does that work? I do know that the loan has to be assumable to do so.... Thanks for any info...
You might want to google that!
The buyer has to be approved by your lending institution to assume your loan....he also has to sign papers with them.
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and also MAKE SURE it doesn't leave you as a co-signer if it does and they don't pay the bank will come back on you.
Best thing to do is just tell the buyer to get his own loan.
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I must agree with wannabe and G , buyer get his own loan !!!! If he cannot that throw up red flags everywhere.
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X4!Quote:
Originally Posted by partsman1
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I would be surprised if any lenders would allow a "boat loan" to be assumed.
I'm with the rest who advise against such. I have been in retail for the last 35 years before retiring a year ago. I believe assumable loans only exist in mortgages of real property and not on installment type loans, so I doubt very seriously that your lending institution would go along with any sort of an assumption. A new loan in the buyer's name could proceed under the circumstances that (1) the amount owed on the loan was less than 80% of the loan value (or whatever) guidelines of a bank, credit union or finance company; (2) that the buyer had credit that surpassed the minimum approval guidelines of that (particular) lending source; and (3) that the buyer could come up with any amount between the stated loan value and the amount owed on your contract if (in fact) there is a difference (over the loan value).
X5Quote:
Originally Posted by partsman1
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I sold a house liker that once . Coaching can put you in a bad spot . I was going to lose it if I did not so I allowed a guy in Corinth to buy my Alcorn county house . (Kossuth ) I was basically still responsible for the note if he defaulted . However we had a 5,000 charge paid up front for him to take ownership. Most folks would not take a hit like that. IF "HE DEFAULTED" He lost all payments plus the 5,000. The 5,000 would have made payments on the house for 15 months giving me plenty of time to sell . Creative sells are possible but do not do it solo . Hire a lawyer and stack odds in your favor . :twocents
Wouldn't do it! Too risky. Like "G" said....get his own loan. jmo
You need to reach out to your current lender and ask them this question. If it is allowed confirm with them that you are totally free of the debt if the loan is assumed. Your lender is the only one who can give you a clear answer. I could careless if the new owner defaults on the loan once it is out of my name.
This is an old 2019 thread…
Yes it is, and I've already reported BaBaVoz as a potential spammer, seeing as how it's his first post.Quote:
Originally Posted by BuckeyeCrappie
He banned…..
And I deleted his post.
But let’s also understand that the question still arises. My response would’ve been not if my name is in any way still attached to the transaction. The thread is still viable for folks to refer to if they are ever asked about doing this. When it comes to my financial security ima cranky old cuss.