Take over Payments?

Has anyone jumped into this kind of deal before and had it work in there favor. They seem to be showing up more and more as people that are strapped for cash try and unload payments that they cant afford anymore.
Im just curious what kind of fees and hoops you would have to jump through to pull off getting a 40K loan transferred into your name.

What you would do is go to a bank and take out a loan to pay off whatever is left on the loan that is left on the boat. You would not get his loan transfered into your name.

^^ Scooter is right.

I took it one step further. I kept the loan and a person is "leasing" the boat from me. He's basically making my payment for the next 12 months. Going on three months...working out great for both parties.

I have no experience with it, but I would assume that people that are offering this 1. had a very low or no downpayment 2. financed for a very long time 3. 1 and 2 would probably lead to the fact that the value of said item is probably less than the payoff on the loan that they had....
I do not know this for sure, but that is what I always think of when I see this.... I guess I am probably different in that I finance for 5 years or less and always pay over to pay off the items quicker... I would find out what the payoff on the loan is and compare it to the Blue Book value and then determine if you are going to get a deal or not

That is pretty much what i was thinking as well. I got to say Adam, thats pretty trusting to allow for that kind of arrangement, unless you know the person pretty well.

Side note Scooter, the boat i was looking at is a 2008 Malibu vRide, How do you like yours?

I love mine, great boat, very few problems and Malibu has been very good to me on any issue.

Just heard back about the boat, and i was wondering scooter if you could give me a quick rundown on the options you have. He wants 5k upfront and 30 K left on loan, bought new one month ago for 45k

My boat is loaded, chrome rub rail, exhaust tips, tower ball, the isa,something or rather steering wheel and shifter. front and rear ballast, the upgraded carpet, and an awsome driver! LOL. So he wants 35k for it? Mine is an 06, that sound like a good deal. I would check with your dealer first and see what you could pick up a new hold over for with his options and see if they could come close to that price.

I will check it out and post on here what I find out, it doesnt sound like he has very many options and i would probably end up sinking about 3k into putting a stereo in (tower speakers and all that) plus i should have done a better job asking about some of the ballast features, bonus would be, I believe that the vRides work well for Slalom skiing for my wife. I will check with the dealer and see what they can do for me.

Thanks

Mike, that is just an okay deal for $35k.

It MIGHT have been listed for $45k a month ago, but he didn't pay that much.


As an owner of a vRide (2007), I would say he probably paid between the range of high 30's or possibly low 40. Depending on location/options.

Here is a link to a dealer listing a 2008 vRide, brand-new 0 hours. for $41,500. Figure you can usually get at least 10% off list price, puts you in the 38k range.

http://www.boattrader.com/listing/2008-MALIBU-V-RIDE-94783979

I am not a dealer or anything like that, but taking over that loan doesn't necessarily seem like the best deal.

vRides are okay for slalom, but the wake is kind of big, i think she might be disappointed. a Direct Drive is really going to be better as a slalom boat obviously...

I think he probably paid around 39K for it and with sales Tax (8.3%) and other fees total cost was probably close to 45K on loan.

I forgot to mention it has 10 hours on it.

Does anyone have any recomondations for a good wakeboard boat that when unloaded makes a decent to good slalom boat?

Update on the 21ft vRide, NADA puts the price with all the options at around 35K to 40K, however it does have some downfalls, only has one ballast tank, and no wedge. Not sure what the wake will look like even fully loaded. any ideas, keep in mind Im definely at newbie status.

Mike,

Looks like you are in Washington. Have you checked local Craigslist ads?

Here is one that caught my eye... super nice looking '07 VRide in Portland for $36k. It even has the full power wedge.

This might be one of the nicest VRides I've seen!

http://portland.craigslist.org/clc/boa/1156570069.html

^^^ +1

Mike I would avoid that v-ride without the ballast tanks and wedge. You can get a loaded boat for around the same price.

Mike call up Brad at Bridge City Watersports he has some vrides used and new that I'm sure he'll deal on.

(Message edited by 05mobiuslsv on May 06, 2009)

ixfe. I agree that is a sweet vRide.

it does NOT have the power wedge though. In fact no vRides do.

Thanks for all the info. I will go ahead and stay away from the 08 for sale in the TriCities. What i really want is a 07 and newer 23LSV Malibu for the same price . I will just have to wait a couple of years till i have some more cash then buy something then.

What i really want is a 07 and newer 23LSV Malibu for the same price .

Yes I will agree to at that one.

WHAT?? ARE YOU CRAZY???

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quote:

By Adam Curtis (acurtis_ttu) on Wednesday, May 06, 2009 - 9:07 am:

^^ Scooter is right.

I took it one step further. I kept the loan and a person is "leasing" the boat from me. He's basically making my payment for the next 12 months. Going on three months...working out great for both parties.

---

You are the liable party... If the guy "leasing" your boat sinks it, disappears and leaves town with it, gets it impounded somewhere, or a ton of other possible scenarios... You are the one liable. That sounds like the dumbest scenario I could ever think of unless the guy "leasing" the boat is your brother...

^^ Without going over every detail in the contract. It's all been covered. There's only one potential scenario that could screw me , but it's not likely, and you didnt' mention it.

The contract was reviewed by two seperate lawyers (both contract lawyers)....they both approved of it.

I'm being compensated fairly for what little risk I have ( above and beyond the monthly pmt).

I started a thread a while back with a few more details.

Why not just sell the guy the boat and be done with it?

I know that I wouldn't take very good care of a boat that I didn't own. I would probably trash it and then have it detailed just prior o returning it to you.

Somehow Sam, I am not surprised by your statement.

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quote:

By seanmcd (seanmcd) on Wednesday, May 06, 2009 - 3:18 pm:

Somehow Sam, I am not surprised by your statement.

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And I still stand behind that statement. Even with a contract approved by a couple of lawyers you can still be liable. What happens if the guy "leasing" the boat kills someone with it? I promise you that you will be named in the civil lawsuit because you are the actual owner of the boat. If you are referring to the "I would probably trash it" comment by me, I would bet that when push comes to shove almost anyone would take a lesser degree of care for something they didn't actually own. I suppose you baby your rental car, same principal, maybe I'm just honest enough to admit it.

So are you telling me you would do the same deal with your WRX??

(Message edited by wakeboardsam on May 06, 2009)

No, I agree with you on that issue, it seems like a risky deal. No I would not do it myself.

lol, I just don't think I would trash any piece of equipment because I didn't own it, maybe it is just my OCD or something.

However, I guess I agree with you that most people take less good care of a car or boat they lease rather than own. It's a good point, and yes, you are pretty honest about yourself.

Fair enough dude.

tj... look closely at this pic. isn't that a power wedge i see? the floating wedge doesn't stick out nearly that far.

i agree... i didn't think you could get a power wedge on a vride. but this picture proves you can. perhaps it was a special order.

Sam, I'm feelin lazy this morning and don't feel like typing.

I've thought of all your scenarios you've listed and more. I'm covered. Yes, even god forbid someone is killed.

Virtually all my risk is covered by various forms of insurance. Both his and mine.

Your right, he COULD trash the crap out of it. I minimize that risk by routine inspections.

(Message edited by acurtis_ttu on May 07, 2009)

Adam, your 22'? Are you just pontoon brah? Or are y'all sharing? Know anyone selling a 15" L7? Need to come ride behind the sport sometime.

No I wouldn't take over any payments. Get a loan.

Taking over payments is a bad idea.

ixfe - i stand corrected. i seriously was told the power wedge was not even an option with the 2005-2008 vRides.

Since seeing your post i've looked around the internet and come across 2 separate 2007 vRides that do have the power wedge. So i guess it is possible.

Hey ixfe, is that picture the boat that was listed in the Portland Craigslist AD but F*****g work computer wont't let them load, security systems and all that. If someone could take the link above and load the pics from the ad I would greatly appreciate it.

I also was unaware that vRides had power wedges, I have just never seen one.

I'm with Sam. Way way too risky. one for sure nobody and I mean nobody takes as good of care of something that they are giving back compared to continued ownership. Two those same two lawyers that told you everything will be fine will be the ones lining up too sue you as the registered owner of the boat should something bad happen(death/dismeberment)"Crazy Risky deal"

tj... no worries.

Mike... enjoy the pics! I had to resize them or WW wouldn't accept the updload. Nevertheless, boat still looks great... best VRide I've ever seen (in pics anyway).

Thanks ixfe. That is a really nice looking boat, I wonder how many hours there are on this one?

May have to give them a call......