Bigdaddy331 Posted August 20, 2008 Share Posted August 20, 2008 Hey guys, just hoping that someone can share from their experiences. I have a toy hauler that is not being used very much anymore. I ran across a guy that has two boat and one of his isn't being used anymore. Both of us still owe on our respective recreational toys but were contemplating switching and paying on each other's loans. I'd like to know if anyone has heard of anything like this. If so, or even if you've heard of something remotely similar what are your thoughts. We've already found contracts that take into consideration things like: Insurance Maintenance Payment Default Length of contracts up-keep Just wondering if anybody has ever had any experience with this sort of stuff. Thanks guys Quote Link to comment Share on other sites More sharing options...
EY3BA11 Posted August 20, 2008 Share Posted August 20, 2008 i wouldnt.. i would just go to the bank and ask if you can assume their loan and he do the same. Just inform the loan officer whats going on and im sure they will be able to square you away. I wouldnt put my credit in someone elses hand especially if they miss a payment. If my credit gets screwed up it should be my own damn fault not someone elses Quote Link to comment Share on other sites More sharing options...
dunefreak Posted August 20, 2008 Share Posted August 20, 2008 There's too many factors when it comes to trades and this situation in general. Like ISBB said, I'd just see if you guys could assume the loans. Otherwise no matter how good of friends you are, if something happens like damage, theft, excessive wear, repairs, etc... who is ultimatley responsible and will one guy get screwed over possibly ruining a friendship? I don't ever loan my stuff out unless it is to a very good friend that I can trust. I would still never TRADE toys and payments for any period of time- NO way. Quote Link to comment Share on other sites More sharing options...
indasand Posted August 20, 2008 Share Posted August 20, 2008 I am right in the middle of a simular situation gone bad... The pink ranger we drive around is split between friends.... verbal only, the ranger is in my name because of there credit. My friends are almost 5 payments behind.... They are going through financial hell right now and the ranger is just not a priority. Things change, life happens, don't jeopardize a friendship.... If you want the trade that bad make it legal. (Stay tuned next week for a pink ranger for sale LOL) Quote Link to comment Share on other sites More sharing options...
dunefreak Posted August 20, 2008 Share Posted August 20, 2008 I am right in the middle of a simular situation gone bad... The pink ranger we drive around is split between friends.... verbal only, the ranger is in my name because of there credit. My friends are almost 5 payments behind.... They are going through financial hell right now and the ranger is just not a priority. Things change, life happens, don't jeopardize a friendship.... If you want the trade that bad make it legal. (Stay tuned next week for a pink ranger for sale LOL) A PINK RANGER??? Not that it matters, but are we talking Ford Ranger, Polaris Ranger, Power Ranger, BLM ranger???? :black: Quote Link to comment Share on other sites More sharing options...
dunefreak Posted August 20, 2008 Share Posted August 20, 2008 BTW there is a company called Toyshare. I have never been interested in anything like it, but maybe it works for some. http://www.toyshare.com/ Quote Link to comment Share on other sites More sharing options...
indasand Posted August 20, 2008 Share Posted August 20, 2008 A PINK RANGER??? :black: Not that it matters, but are we talking Ford Ranger, Polaris Ranger, Power Ranger, BLM ranger???? Polaris Ranger goof! Me and a buddy got it for the wifes and painted it pink... I think it was at a meet n great... Quote Link to comment Share on other sites More sharing options...
Bigdaddy331 Posted August 20, 2008 Author Share Posted August 20, 2008 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. Quote Link to comment Share on other sites More sharing options...
dunefreak Posted August 20, 2008 Share Posted August 20, 2008 I'd say that if a person couldn't assume a new loan without getting rid of an old one...then it sounds as if they are stretching things pretty thin as it is. I'd be trying to sell instead of just continuing the debt with a different toy. Only take on loans if you can do it comfortably. Just my 2 cents. Quote Link to comment Share on other sites More sharing options...
Richard Cheese Posted August 20, 2008 Share Posted August 20, 2008 have ou tried to sell, or are you upside down? Quote Link to comment Share on other sites More sharing options...
wingnut Posted August 20, 2008 Share Posted August 20, 2008 Polaris Ranger goof! Me and a buddy got it for the wifes and painted it pink... I think it was at a meet n great... Ouch Brian, pink????? There is only one thing that is ok to be pink!!!!!...................... :ah: Quote Link to comment Share on other sites More sharing options...
Bigdaddy331 Posted August 20, 2008 Author Share Posted August 20, 2008 Just about everyone is upside down with the current economy.... just two years ago, my toy hauler was still worth something. Now, you can't get rid of them. Prices have fallen on them left and right. Put's me out when considering a sale. So yes, I'm upside down. This seems to be a very good deal for both, but I completely understand all the reservations and potential problems. Guess we'll have to do more checking. I'm going to check with my bank and see what my options are from their view. Thanks guys. Quote Link to comment Share on other sites More sharing options...
White Rhino Posted August 20, 2008 Share Posted August 20, 2008 (edited) Ouch Brian, pink????? There is only one thing that is ok to be pink!!!!!...................... :ah: YEAH a Dodge with a Cummins as there for girls anyway :stir: Edited August 20, 2008 by White Rhino Quote Link to comment Share on other sites More sharing options...
WHIZ Posted August 20, 2008 Share Posted August 20, 2008 Polaris Ranger goof! Me and a buddy got it for the wifes and painted it pink... I think it was at a meet n great... Not to thread jack, but I've seen a pink Ranger or Rhino in Camden Park a couple of times loaded on a trailer. I know the folks are dumont folks(even seen a DDR sticker on one of the tow pigs), but don't know who they are. Would that happen to be the same Pink Toy? Quote Link to comment Share on other sites More sharing options...
WHIZ Posted August 20, 2008 Share Posted August 20, 2008 BTW there is a company called Toyshare. I have never been interested in anything like it, but maybe it works for some. http://www.toyshare.com/ I did some looking into this company after my first Dumont trip (clean up weekend), I say No bueno. Most of the research I found on the web, said these guys are not living up to their word. I read about to many folks who couldn't get the vehicle they requested when they requested, vehicles in dis-repair, and various other bad juju. Quote Link to comment Share on other sites More sharing options...
dunefreak Posted August 21, 2008 Share Posted August 21, 2008 Just about everyone is upside down with the current economy.... just two years ago, my toy hauler was still worth something. Now, you can't get rid of them. Prices have fallen on them left and right. Put's me out when considering a sale. So yes, I'm upside down. This seems to be a very good deal for both, but I completely understand all the reservations and potential problems. Guess we'll have to do more checking. I'm going to check with my bank and see what my options are from their view. Thanks guys. Oh I completely understand about being upside down on toyhaulers. I got mine for a smokin deal and put extra towards it when I can and I'm pretty sure if I sold it I would probably STILL get less for it than I owe on it. I mostly meant if one couldn't financially and comfortably take on another loan, then it wouldn't be wise to continue with other or more toys. I understand what your saying though. I think both of you guys assuming each other's loans would be the best bet since you are both upside down. You'd both lose less money that way. Quote Link to comment Share on other sites More sharing options...
Bigdaddy331 Posted August 21, 2008 Author Share Posted August 21, 2008 Yea, Dunefreak I hear ya. Still trying to work this out the right way by assuming each other's loans properly. Guess we'll see what happens. Either way, the dune season is coming and if I have my toy hauler great, if not I still have a 26ft enclosed triple that does quite nicely. The Funco is READY and WAITING!!!!! Couple more months! Quote Link to comment Share on other sites More sharing options...
dunefreak Posted August 21, 2008 Share Posted August 21, 2008 Yea, Dunefreak I hear ya. Still trying to work this out the right way by assuming each other's loans properly. Guess we'll see what happens. Either way, the dune season is coming and if I have my toy hauler great, if not I still have a 26ft enclosed triple that does quite nicely. The Funco is READY and WAITING!!!!! Couple more months! That's ALL that matters!!! Quote Link to comment Share on other sites More sharing options...
ash Posted August 21, 2008 Share Posted August 21, 2008 i wouldnt.. i would just go to the bank and ask if you can assume their loan and he do the same. Just inform the loan officer whats going on and im sure they will be able to square you away. I wouldnt put my credit in someone elses hand especially if they miss a payment. If my credit gets screwed up it should be my own damn fault not someone elses +1 what he said Quote Link to comment Share on other sites More sharing options...
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