Selling boat

[jdawson]

I have a potential buyer for my boat. And this is what he said:
"So I’m in the military and I have two loans that are getting paid off in 6 months. The banks won’t give me another loan till I do. Could I take over your payments now and then after the 6 months pay the rest off with the loan. I would do a bill of sale and get my own insurance so that way there is no liability on you."

Is this something someone has done before? Does this sound legit?

 

[zipper]

Nope! Not something I would enter into.

 

[David Martin]

Nope and Nope and I love the Military.

 

[HangOutdoors]

Yeah. Wouldn't go down that road.

If he is in the Military, tell him to go to Navy Federal Credit Union, they will help if out if anyone can.

Somethings sounds fishy.

Additionally, most insurance companies will not cover a loss if the boat and note is in someone else's name.

 

[dgfreeze]

Abso-freaking-lutely not. I wouldn't do that for someone I know, unless they were trusted like family. Aside from the plethora of ways you could get screwed even if he is a legitimate person, I have my doubts that it's not a scammer. What if he quits making payments? Unless the loan is actually transferred into his name, that's on your credit. At which point, where is your boat? What if something big happens, like engine failure? He will almost certainly default on you. What if he under-insures the boat, and it sinks? There are just soooo many ways that whole thing could blow up and leave you with no boat and no money. I'm all about supporting the military and military personnel, but this goes far beyond any reasonable support. This is gambling tens of thousands of dollars.

 

[anmut]

I have a potential buyer for my boat. And this is what he said:
"So I’m in the military and I have two loans that are getting paid off in 6 months. The banks won’t give me another loan till I do. Could I take over your payments now and then after the 6 months pay the rest off with the loan. I would do a bill of sale and get my own insurance so that way there is no liability on you."

Is this something someone has done before? Does this sound legit?

Common scam, don't even reply.

 

[Neutron]

Big time scam, heard similar if not word for word before.

 

[jdawson]

Thank you all for the input! Thought it was kind of fishy!

 

[FSH 210 Sport]

Thank you all for the input! Thought it was kind of fishy!

I see what you did there….