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Dec 30th, 2023
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 Re: Take Over Payments?
[Re: trophyfish3]
#7305116
03/19/12 03:05 PM
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Joined: Sep 2005
Posts: 29,109
Brian Spagnola
TFF Guru
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TFF Guru
Joined: Sep 2005
Posts: 29,109 |
I HAVE SOLD A FEW BOATS AND TRUCKS THIS WAY AND HAVE BOUGHT THIS WAY THERE ARE STILL PEOPLE OUT THERE THAT A HAND SHAKE MEANS SOMETHING I HAVENT HAD A BAD EXPERIENCE YET BUT I NOW PEOPLE WHO HAVE Problem is that it's bank fraud. The bank loans the money to the buyer. NOT the buyers buddy. You go and have someone get killed on the boat and see who's liable. Even if the person that takes over the payments insures the boat just wait and see if that company pays the claim when it gets totaled and the answer is no. Not saying your a bad dude or that you really did anything wrong but I wouldn't do it again. Just not worth it.
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Re: Take Over Payments?
[Re: MBarger]
#7523196
05/13/12 12:00 PM
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Joined: Jul 2007
Posts: 217
BigTex1959
Outdoorsman
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Outdoorsman
Joined: Jul 2007
Posts: 217 |
Got a truck this way once, they had to sign a wavier every year for me to get the state sticker. Did find an insurence Co. who would just cover me, after I filled out a paper saying no other drivers but me. I paid it off , they signed the title over to me. They even called and had the lender send payment info to my address. Worked out great for them , and for me. I saved their credit , I got a truck. I lost all my credit when my son was hit by a car , and wife had cancer the same year. Working on finding a boat now. Trying to find one who will set up an account and me have it deducted from my check to his account weekly. Worked for a buddy of mine , now to see what I can find. Good luck to you and there are still good folks out there. I'm proof. lol
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Re: Take Over Payments?
[Re: MBarger]
#7538225
05/17/12 01:04 AM
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Joined: Jan 2010
Posts: 160
ArkansasTraveler
Outdoorsman
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Outdoorsman
Joined: Jan 2010
Posts: 160 |
Never lend a friend money unless you can afford to lose one or the other.
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Re: Take Over Payments?
[Re: MBarger]
#7541431
05/17/12 08:17 PM
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Joined: May 2012
Posts: 172
yellowskeeter
Outdoorsman
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Outdoorsman
Joined: May 2012
Posts: 172 |
I would say dont do it man.
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Re: Take Over Payments?
[Re: BigTex1959]
#7542374
05/18/12 12:34 AM
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Joined: Jan 2003
Posts: 4,051
texcajun
TFF Team Angler
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TFF Team Angler
Joined: Jan 2003
Posts: 4,051 |
I didn't take over payments, but I did work out a similar deal with a good friend of mine. I gave him a down payment then set up a weekly payment directly deducted from my pay check and deposited directly into his checking account until paid off. I could have paid for the boat out right, but he said just hang onto the savings and he let me pay it off with no interest. He is a very good friend and one of the few people I would loan my boat to with no questions asked. Got a truck this way once, they had to sign a wavier every year for me to get the state sticker. Did find an insurence Co. who would just cover me, after I filled out a paper saying no other drivers but me. I paid it off , they signed the title over to me. They even called and had the lender send payment info to my address. Worked out great for them , and for me. I saved their credit , I got a truck. I lost all my credit when my son was hit by a car , and wife had cancer the same year. Working on finding a boat now. Trying to find one who will set up an account and me have it deducted from my check to his account weekly. Worked for a buddy of mine , now to see what I can find. Good luck to you and there are still good folks out there. I'm proof. lol
2014 Excel Bay Pro 203/2014 Mercury 150 Optimax Pro XS
Point me towards the water!
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Re: Take Over Payments?
[Re: texcajun]
#7743443
07/10/12 01:29 AM
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Joined: Jul 2011
Posts: 1,002
Paradise Hoss
Extreme Angler
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Extreme Angler
Joined: Jul 2011
Posts: 1,002 |
+1 I have been on both sides of both buying and selling this way. I would do it again it all depends on how you feel about the man and how bad you want to sell. My dad many times told me son all I can give you is our last name make sure you don't ruin it. A man to me is more than a number. Our government steps in and wants to regulate how our banks laon money to bad risks but who regulates the money they hand out to other countries who NEVER pay it back?
Teach a man to fish and he will figure out how to lie on his own!
Do I look WORRIED?
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Re: Take Over Payments?
[Re: MBarger]
#7744984
07/10/12 04:24 PM
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Joined: Jul 2012
Posts: 1,157
JohnButte
Extreme Angler
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Extreme Angler
Joined: Jul 2012
Posts: 1,157 |
Better to contact a lawyer and get the legal stuff wrangled out. It won't cost much but will absolve you of liability.
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Re: Take Over Payments?
[Re: MBarger]
#7764307
07/15/12 09:49 PM
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Joined: Jan 2004
Posts: 6,445
Grant2
TFF Celebrity
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TFF Celebrity
Joined: Jan 2004
Posts: 6,445 |
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Re: Take Over Payments?
[Re: MBarger]
#7765147
07/16/12 01:34 AM
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Joined: Apr 2004
Posts: 7,036
Fishin Machine
TFF Celebrity
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TFF Celebrity
Joined: Apr 2004
Posts: 7,036 |
My policy has always been if you can pay me you can pay the bank... Including and especially family.
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Re: Take Over Payments?
[Re: MBarger]
#7833661
08/02/12 07:31 PM
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Joined: Jul 2012
Posts: 57
Jason Mc Donald
Outdoorsman
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Outdoorsman
Joined: Jul 2012
Posts: 57 |
There are some good people out there that had bad credit at one time or another. Now they cant buy anything because of CREDIT SCORES its not right to judge people because they might of had a bad time in there lives put your self in their shoes how do you like it now. I say use your gut if you trust him then try it if you dont then dont.
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Re: Take Over Payments?
[Re: MBarger]
#8472614
01/19/13 12:59 AM
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Joined: Jun 2007
Posts: 291
Has 2 Fish
Angler
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Angler
Joined: Jun 2007
Posts: 291 |
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