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Assuming a loan on a hoe

Discussion in 'Financing' started by brickhead, Sep 23, 2016.

  1. brickhead

    brickhead Active Member

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    A guy needs to get out from under his hoe. Is there any way for me to transfer ownership of it and assume his final payments on the loan?
     
  2. Delmer

    Delmer Senior Member

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    not a lawyer here, so you get what you pay for:

    There's lots of ways to do what you want.

    Contact the financing agency and apply to go through their process which they may, or may not agree to.

    Have a lawyer write up an agreement between the two of you, which may or may not be any better, or legal, or enforceable than something you write yourself.

    Write out an agreement between yourselves, FOLLOW IT TO THE T, and document every step, and you'll probably never have to take it to court and see how well you did.

    Shake hands, make the payments yourself, and assume ownership in the end.

    Give him the cash on his word that he will continue to make the payments.

    Obviously these are listed in order from safest to least safe.
     
  3. WyoGuy

    WyoGuy Member

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    Go get your own loan and use it to purchase the machine and pay off the seller's loan.
     
  4. lantraxco

    lantraxco Senior Member

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    If it's a lease, then the short answer is, you can't. If it's a loan or dealer financed, do what Delmer sez. :)
     
  5. Delmer

    Delmer Senior Member

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    Thanks for the second Lantraxco. Wyoguy brings up the best answer that I hadn't considered, best and simplest in a lot of ways.
     
  6. CatToy

    CatToy Well-Known Member

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    I done this a few times, it is the only way to go, I had my bank wire his bank to ensure to ensure I get a loan under my terms.