Taking Over Payments?

[Braaaptor]

Ok, I don't want to start a storm or a huge debate here, but I need some informed answers. Is it a wise idea to take over somebody else's payments on an ATV? I have seen a couple guys who want to be out from under their quad and are only asking that you take over their payment.

I know the decision is influenced by how much is owed on the quad, what it is, etc... but would you guys do it? Not worth it? Or is doing something like this downright dangerous to your financial health? (Credit score, etc...)

I would kill to have another Banshee, but I don't have the $ 2,500.00 cash (what they go for up here) to spend on one right now. Most of them up here are all ragged out or all stock anyhow for that price. All the Honda dealers around are sold out of 450r's. Any good used 450 is outta my price range, too. I am about to go CRAZY from not being able to ride while my Blaster build is going on.

I'm tempted to take over payments on a 400ex just to get me something to ride for now... Yeah, its a 4-poke, but I gotta do something and I don't want to finance a new quad which I won't be keeping but for a year or two. Plus, I'm young and don't have enough credit to get approved to finance anything new without a ridiculous down payment... What would you do?

 

[Blasterr525]

Mhm. Well you gotta find out if the people will work with you. Personlly i would do it beacuse a quad is a quad but hey its all what u want

 

[99LRDblaster]

Ok, I don't want to start a storm or a huge debate here, but I need some informed answers. Is it a wise idea to take over somebody else's payments on an ATV? I have seen a couple guys who want to be out from under their quad and are only asking that you take over their payment.

I know the decision is influenced by how much is owed on the quad, what it is, etc... but would you guys do it? Not worth it? Or is doing something like this downright dangerous to your financial health? (Credit score, etc...)

I would kill to have another Banshee, but I don't have the $ 2,500.00 cash (what they go for up here) to spend on one right now. Most of them up here are all ragged out or all stock anyhow for that price. All the Honda dealers around are sold out of 450r's. Any good used 450 is outta my price range, too. I am about to go CRAZY from not being able to ride while my Blaster build is going on.

I'm tempted to take over payments on a 400ex just to get me something to ride for now... Yeah, its a 4-poke, but I gotta do something and I don't want to finance a new quad which I won't be keeping but for a year or two. Plus, I'm young and don't have enough credit to get approved to finance anything new without a ridiculous down payment... What would you do?

I don't see what would be against it. It's basically like picking up a short sale and paying the rest of the remaining credit owed.

If not, you could always bomb around on a random cheap quad to get you by.
yamaha blaster
2005 Yamaha Blaster
1992 Blaster

I know it's only a 300ex but they are actually durable and good handling trail quads.
2000 honda 300ex ready to ride! $900
honda 300ex runs great! $900
2000 Honda 300EX

Anything is better than nothing
94 mojave with 03 engine

 

[stabor1122]

Are you making payments to his bank or him? Is his bank ok with it and will they give YOU the title when it is paid off. If you are making the payments to him not his bank and he doesnt pay the bank then they can still repo it. Also all he has to do is claim its stolen and you are left holding the bag. I would only do it if you can get the financing in your name. Otherwise buy a cheap quad for cash.

 

[sicivicdude]

^^^^ X 50,000,000

Every word spoken is true. Make sure the financing is in your name and the original loan AND bank lein are off of it before you buy it.

Do not take over someone else's loan (directly as in the lona still in their name). As soon as the loan is payed the title is issued in HIS name not yours.


Some banks will let you legally take over someone else's loan (change the name of the account over) as long as the original owner is agreeable and your credit is good enough to take over the loan. They don't care who's paying it as long as it's getting payed. As long as that's the case, 99LRD is right. Taking over a loan is a short sale and a fiscally sound decision.

 

[Braaaptor]

Thanks for all the help and links, guys. Rep given. It sounds like taking up payments is a good way to pick up a machine, provided I do some legwork and get things in order with the other party and his bank before making a commitment. I'll definately consider it as one of my options.

Sounds like I may (if I don't want to be doing a lot of homework and working with a bank) be better off just getting another cheap beater quad for the time being, until the Blasty is back up and running. Might grab a 300ex...Always liked Honda, if only because they run well and I'd eventually give it to the wife to ride anyhow.

 

[99LRDblaster]

Thanks for all the help and links, guys. Rep given. It sounds like taking up payments is a good way to pick up a machine, provided I do some legwork and get things in order with the other party and his bank before making a commitment. I'll definately consider it as one of my options.

Sounds like I may (if I don't want to be doing a lot of homework and working with a bank) be better off just getting another cheap beater quad for the time being, until the Blasty is back up and running. Might grab a 300ex...Always liked Honda, if only because they run well and I'd eventually give it to the wife to ride anyhow.

She would like a 300ex. Weak in terms of power, but still have 4 stroke low end power to be fairly quick through trails and are a lot more roomier and comfortable to ride in the trails than even my Blaster.

 

[Braaaptor]

She would like a 300ex. Weak in terms of power, but still have 4 stroke low end power to be fairly quick through trails and are a lot more roomier and comfortable to ride in the trails than even my Blaster.

Dude, I used to ride a Warrior. Just about any Honda trail quad is gonna be an improvement over one of those. lol.

 

[Oregondunes]

if you are smackin down $150-200 per month on a quad payment, how much time is that gonna add to your build project ? Why not just bite the bullet for the next 60 days and get your bike finished and ride it.

I know your jones'n, but better money spent in my opinion then risking all of the other potential issues mentioned above.

 

[alex90]

DONT DO IT DONT DONT DONT DONT! there is a saying that if its too good to be true then its too good to be true... I made the mistake once... bad bad bad idea on my part. fist off you get the loan that has been adjusted for the original buyer,,so you pick up his interest percentage due to his sh*tty credit and what not but you wont receive the credit for paying off the loan and you will have to pay all the millions of deductions for him breaking the the finance contract,,, thus in the end you have payed for it twice and could have bought a new one... the seller is just trying to get you to up his credit rating, make you nothing but a pawn and you get screwed over ill never do it again...lesson learned

 

[toytech]

DONT DO IT DONT DONT DONT DONT! there is a saying that if its too good to be true then its too good to be true... I made the mistake once... bad bad bad idea on my part. fist off you get the loan that has been adjusted for the original buyer,,so you pick up his interest percentage due to his sh*tty credit and what not but you wont receive the credit for paying off the loan and you will have to pay all the millions of deductions for him breaking the the finance contract,,, thus in the end you have payed for it twice and could have bought a new one... the seller is just trying to get you to up his credit rating, make you nothing but a pawn and you get screwed over ill never do it again...lesson learned

well put! don't do it!!!!!!!!!!!!!!!!!

 

[99LRDblaster]

Dude, I used to ride a Warrior. Just about any Honda trail quad is gonna be an improvement over one of those. lol.

I:I Yea I know. I almost bought a Warrior for my 1st quad. Alright quad, but heavy and handles terribly. The 300ex handles quite well actually.