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grandmother

grandmother

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Submitted 635 days ago...

dtt

dtt

New User (3)

Assume loan payments

I have a rv which i am trying to sell, and I have people who want to assume the payments but not have a loan put in their name. It sounds fishy but im told people do this all the time. IVE been told as long as you get them to sign a written contract it is safe. Can someone advise me further?

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Answer 1 / 2 - Submitted 635 days ago...

sidelko

sidelko

Brain (3,269)

If you would rather sell it out right, then just wait for someone to do that. as long as your name is on the loan, you are still legally responsible for that RV.

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Answer 2 / 2 - Submitted 635 days ago...

grandmother

grandmother

Authority (413)

If the loan is still in your name, YOU are still the one liable for it and no one else. If you want to be rid of this liability, the prospective buyers either need to pay cash in full for the RV so that you can payoff your loan or they need to obtain their own loan and utilize those proceeds to purchase the RV from you. You should read the terms of your existing loan to determine whether or not the note is legally assumable. Many are not. In order for an assumption to be legal whereas the lender recognizes the new buyer as the one responsible for the loan, the assumption must be processed and approved through that lender.

You could also draw up a repayment note of your own for the new buyers to sign, however understand that if they don't pay, you still have to make the payments on your RV loan. If leaving your existing RV loan in tact as your responsibility is not an option that you want, I would pursue a different buyer.

 

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Comment 1 / 2 - Submitted 298 days ago...

Jonipa12

Jonipa12

New User (1)

I went to assumervsource in 2001 with my old american and was happy with the transaction . They were honest and straight forward and everything went well. It took about a week and they backed up all that we discussed in the agreements. The payment was made in full and I am now working with them to actually purchase an RV. So sometimes it will work out but I would contact an attorney to at least go over the agreements etc...if you are dealing with someone you feel fishy about.

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Comment 2 / 2 - Submitted 32 days ago...

rcwiand

rcwiand

New User (1)

There are several brokers in the USA that charge a fee to do this and they assume the risk. You can find them on the internet.

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