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Open Roads Forum  >  Class A Motorhomes

 > Take over payments

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L2C

Placentia ca

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Posted: 04/04/12 03:31pm Link  |  Print  |  Notify Moderator

Anyone know anything about taking over payment on an rv?

Ka Ron

Kelowna

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Posted: 04/04/12 03:34pm Link  |  Print  |  Notify Moderator

Yup, you take over the payments from the bank or finance company and the owner transfers the RV to you.

You will need to be approved by the lender.


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2oldman

Sprague Lake

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Posted: 04/04/12 03:47pm Link  |  Print  |  Notify Moderator

Are you selling or buying?

wny_pat

Western NYS

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Posted: 04/04/12 03:49pm Link  |  Print  |  Notify Moderator

The bank or lender is lien holder and is listed on title as such. You best be dealing with them for approval of such a deal.


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judelaurenzo25g

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Posted: 04/04/12 03:51pm Link  |  Print  |  Notify Moderator

Dont fall victim to a scam. There are a lot of take over payment schemes on craigslist.

okgc

Southern Michigan

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Posted: 04/04/12 04:07pm Link  |  Print  |  Notify Moderator

Caution ...Scam alert


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robsouth

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Posted: 04/04/12 04:20pm Link  |  Print  |  Notify Moderator

Talk directly with the lien holder. Payment take overs happen every day and are not always a "scam". If you and the lien holder come to terms, there is nothing wrong with the deal. Most times the original borrower is still on the hook until you pay off the loan anyway.


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JimGo

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Posted: 04/04/12 04:23pm Link  |  Print  |  Notify Moderator

Without being approved by the lender and the title changing names......You're just making someone's payment for them. Taking over payments is probably against the loan note provisions.

I would think if you go through qualifying it would be a new loan with the lender. JMO

skipnchar

Topeka or somewhere else

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Posted: 04/04/12 04:31pm Link  |  Print  |  Notify Moderator

Look over the load very carefully. You will be stuck with the interest rates the previous owner had and it MAY not be the best available rate.


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mowermech

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Posted: 04/04/12 04:43pm Link  |  Print  |  Notify Moderator

The reason for a "take over payments" deal is often that the current owner owes more than it is worth, and you won't be able to get a new loan for that amount. You need to look at the principal still owed, the actual value of the rig, and the interest rate to see if taking over payments is a good deal for YOU.
It will probably be better to arrange your own financing, and pay the existing note off completely.
BUT, as long as the title is transferred to your name, and the previous owner is gone from the title completely, and the principal amount is OK, and the interest rate is OK, then why not!


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