It's a little more refined than I might have explained. Contracts involved about insurance, financing, default etc. etc. He's not a friend. Just a couple of guys who hooked up through a dealership. He was looking for something, I was looking for something and here we are.
Problem with assuming a loan is that neither can take on an additional loan. In order for it to happen, one would have to get rid of one first and then acquire the other. Not sure how that would work, but that said, maybe the financial institutions have a way. I'll call B of A tomorrow and see what's doing.
It would be great if it could work out, but one never knows what's on the other end when/if it goes bad. You're right to be wary....
Just a pretty good deal on both sides, I just wish there was a way to do it cleanly without the huge leap of faith.