texasfishingforum.com logo
Main Menu
Advertisement
Affiliates
Advertisement
Newest Members
Shawnmk88, Chris Suggs, ucbc, ZX200_SOTW, World's Worst Fishing
119473 Registered Users
Top Posters(All Time)
TexDawg 123,184
hopalong 121,182
Bigbob_FTW 101,972
Bob Davis 91,623
John175☮ 86,110
Pilothawk 83,757
Mark Perry 73,899
Derek 🐝 68,439
JDavis7873 67,416
Forum Statistics
Forums59
Topics1,051,963
Posts14,187,022
Members144,473
Most Online39,925
Dec 30th, 2023
Print Thread
"Take Over Payments" #15033338 04/01/24 04:33 PM
Joined: Aug 2018
Posts: 289
S
SeanV14 Offline OP
Angler
OP Offline
Angler
S
Joined: Aug 2018
Posts: 289
How does a private seller or buyer broker a "take over payments" deal on a boat/motor/trailer loan?

Is it safe? Where can one find help with researching this kind of arrangement?

Thanks/

Re: "Take Over Payments" [Re: SeanV14] #15034126 04/02/24 04:49 AM
Joined: Sep 2019
Posts: 146
C
CDS Offline
Outdoorsman
Offline
Outdoorsman
C
Joined: Sep 2019
Posts: 146
"The take over Payments" I have seen in the past were done through the original owners bank. The new buyer had to be approved by the bank for the loan, and then they continued making the payments to the bank once ownership of the vehicle or boat was transferred. Any other way is sketchy.


I come from the water.
Re: "Take Over Payments" [Re: SeanV14] #15041499 04/09/24 04:40 PM
Joined: Nov 2007
Posts: 5,733
ssmith Online Content
TFF Celebrity
Online Content
TFF Celebrity
Joined: Nov 2007
Posts: 5,733
takeover payment with the new buyer making the payments to the owner of record with a bank or credit union lien is a terrible idea an one that has many outcomes that are all bad most of the time in loan agreements you sign that you will not do this. then there is the insurance deal of trying to get insurance on something that you dont own. if folks dont have good enough credit to buy a boat they dont need one.

Re: "Take Over Payments" [Re: SeanV14] #15051982 04/20/24 02:47 PM
Joined: Jan 2020
Posts: 320
U
Unclebubba Offline
Angler
Offline
Angler
U
Joined: Jan 2020
Posts: 320
"take over payments" is also called "assuming a loan" or "loan assumption". I am not aware of any lenders that will do a loan assumption on a boat loan. The new owner will most likely have to get approved for their own loan, and the new lender will send payoff to the previous owners bank to complete the transaction.


Intercoastal Financial Group
www.boatloan.com/michael-hunt/
Re: "Take Over Payments" [Re: SeanV14] #15052683 04/21/24 03:28 AM
Joined: Aug 2018
Posts: 289
S
SeanV14 Offline OP
Angler
OP Offline
Angler
S
Joined: Aug 2018
Posts: 289
Thanks y'all

Kinda figure it was like what you all have said.

sb

Previous Thread
Index
Next Thread

© 1998-2022 OUTDOOR SITES NETWORK all rights reserved USA and Worldwide
Powered by UBB.threads™ PHP Forum Software 7.7.3