Taking over payments on boat?

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07-11-2005, 09:57 AM
Terminator1

Taking over payments on boat?

Not sure if this is the right forum for this question but I have a friend that has a boat that he can’t afford and is trying to sell or he is also thinking about filing bankruptcy because of some debt problems. I would like the boat but I just financed a home and I don’t think that I could get financed right now. I was thinking about telling my friend that if he would leave the boat in his name, let me give him some down and pay his payments for him. I get to have the boat while paying the payments. And when I pay it off or can get it financed in my name then he can sign over the title. Is this a stupid idea or could I make it work with some kind of legal contract?
07-11-2005, 10:00 AM
RA

Stupid idea. People are funny about money. If he is filing for bankruptcy that means that he is bad with money to begin with.
07-11-2005, 10:03 AM
SwoleCat

Yeah, and that's assuming that he totally trusts that you will pay him too! Because if you don't, he's up shit's creek w/out a paddle.

~SC~
07-11-2005, 10:14 AM
Terminator1

we could have a contract wrote up just like the banks. We miss 2 payments he takes the boat. Hes not bad with money he just lost his job after getting the boat and other stuff. He is just looking for someone to take over payments. If he can do that he wont have to file!
07-11-2005, 10:16 AM
RA

Ok. Yes, I would do the contract.
07-11-2005, 09:17 PM
Big Rush

i would not take over payments...get him to sell it to you at a very resonable price...you then get a loan from the bank, pay him and get the title transferred in your name...all legal and no hassles...and you got a boat for a good price
07-11-2005, 09:18 PM
Big Rush

Quote:

Originally Posted by Terminator1

I don’t think that I could get financed right now.

nevermind :D
07-11-2005, 09:20 PM
Big Rush

Quote:

Originally Posted by Terminator1

Not sure if this is the right forum for this question but I have a friend that has a boat that he can’t afford and is trying to sell or he is also thinking about filing bankruptcy because of some debt problems. I would like the boat but I just financed a home and I don’t think that I could get financed right now. I was thinking about telling my friend that if he would leave the boat in his name, let me give him some down and pay his payments for him. I get to have the boat while paying the payments. And when I pay it off or can get it financed in my name then he can sign over the title. Is this a stupid idea or could I make it work with some kind of legal contract?

definitely consult a lawyer if you are serious...ask around bro...i'm sure you at least know someone, who knows someone who is a lawyer willing to give free advice..thats what i always do :D