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Tacostik

Question About Selling Boat

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Tacostik

So....

There is a local guy interested in buying my boat. His personal info checks out but I am naturally skeptical about any buyer off craigslist.

The boat is financed and the buyer is requesting that I leave the loan in place and he will pay me a sum over the current loan balance. All told it would be a fair price for the boat, but I don't know much about finance. He mentioned that he would leverage the loan or something to the effect. Anyone ever done anything like this? Potential upsides and downsides? Would I still be on the hook if he defaulted or just disappeared? Would it generally require lender approval? Is it too risky of a proposition? I don't have to sell at this point and wouldn't mind just waiting for a traditional buyer. That said, I wouldn't mind freeing up the cash.

Any financial types help a brother out? Much appreciated!!!

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WoodyBC

Let me get this straight. He is buying your boat, but just making payments to you, on your loan? who is going to hold the title? So when he stops paying you, then what? He still has your boat, and you have the balance to pay off. Sounds like a really bad idea. He needs to get his own financing. Walk, no... run away from this opportunity.

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RTS

Scam....

If you leave the loan in place, how are you going to get the title to him? Your bank will not release title until they get their money.

Let me guess....he wants to pay with a cashier's check, right?

By the time that check is proven to be fraudulent, that buyer, and your boat, will be long gone. You will still owe your bank what you owe them now, and won't have a boat.

Tell the guy to meet you at your bank, pay off your loan, then give you the difference, if there is any left over. If he balks, tell him to take a hike.

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bryce2320

Yup, have his bank make a check out to your bank to pay off your lean, then the rest should be another check to you.

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Tacostik

Yeah I figured that was the case. Thanks guys.

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wheelman

How is this even a question? Why would you even think twice about that offer.

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tvano

i'm guessing that if you read your loan contract you would find that what was suggested is not legal.

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skyskier

(((((((NO)))))))

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Roster man

Yes but,the,cool thing is he is going to write the check for $5000 more then then the price of the boat and I'll only have to give him $2000 back in cash and can keep the rest :)

Seriously though, the only reason he would want to keep the loan in your name is:

1. His credit sucks because he doesn't pay his bills (BAD because he won't pay you either)

2. He has litigation pending because he owes people money and they will lien and sell anything he owns (VERY BAD because you won't get payed and it will be tied up in court)

3. He plans to skip town with the boat, forge some registration, and resell it to someone ( this actually happened to someone on team mastercraft site- when sheriff came, they had to impound the boat since the boat had 2 titles showing different owners. Original owner eventually got boat back and other buyer, who paid full price, lost all their money to the crook)

As others have sais. RRRUUUNNNN!

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