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“Take over/assume payments” price for used car/boats
Posted on 8/4/25 at 8:21 pm
Posted on 8/4/25 at 8:21 pm
This verbiage has been around since cars/boats were sold in the classified section of local newspapers, and still exists today online on Craigslist and now FB marketplace.
To me, this always screams “negative equity.” Racking my brain for any situation where it might be advantageous for the buyer. Maybe someone on the verge of buying a house who needs to lower their DTI ratio very quickly? Has anyone actually “taken over/assumed payments” in real life?
To me, this always screams “negative equity.” Racking my brain for any situation where it might be advantageous for the buyer. Maybe someone on the verge of buying a house who needs to lower their DTI ratio very quickly? Has anyone actually “taken over/assumed payments” in real life?
6
Posted on 8/4/25 at 8:50 pm to Ric Flair
Terrible deal for seller. They are still on the hook if buyer defaults.
Posted on 8/4/25 at 8:53 pm to Ric Flair
Wouldn’t do it without looking at the title and seeing who exactly is owed. The “balance” of the loan may not be the same as what is “owed” if the seller is behind on the payments.
Posted on 8/4/25 at 9:23 pm to Ric Flair
I saw a big sign outside of a spec house neighborhood in Denver recently that said
“Assumable mortgage at 3.8%!!!”
Which makes me wonder, if you can’t afford a 3.8% mortgage, how overextended were you in the first place? Definitely 2008 vibes up there.
“Assumable mortgage at 3.8%!!!”
Which makes me wonder, if you can’t afford a 3.8% mortgage, how overextended were you in the first place? Definitely 2008 vibes up there.
Posted on 8/4/25 at 9:28 pm to Ric Flair
A lot of boats are being sold like this now. They got screwed during COVID and now they are stuck with inflated loan. You can't find a 3 or 4 year old boat for a decent price. You might as well buy new
Posted on 8/4/25 at 9:42 pm to DB_tiger
quote:
I saw a big sign outside of a spec house neighborhood in Denver recently that said
“Assumable mortgage at 3.8%!!!”
Which makes me wonder, if you can’t afford a 3.8% mortgage, how overextended were you in the first place? Definitely 2008 vibes up there.
They’re not advertising the assumable mortgage because they can’t afford the house. They could be selling for a number of reasons, but the assumable mortgage is a huge selling point and makes your house much more attractive to buyers when comparing to other homes where the buyer would have to get their own mortgage at a rate 3 percentage points higher based on current rates.
Only certain types of loans can be assumable and the buyer still has to qualify.
Posted on 8/4/25 at 9:43 pm to DB_tiger
quote:
“Assumable mortgage at 3.8%!!!” Which makes me wonder, if you can’t afford a 3.8% mortgage, how overextended were you in the first place? Definitely 2008 vibes up there.
I don't know that it's a sign that they can't afford the house as much as a selling point to help sell the house that is under a gov't backed loan program such as a VA loan. As a realtor explained to me when I was looking for a home 25 years ago around Ft Sill, you would still have pay the owner the equity in the home you don't just take over payments.
On a $300,000 loan that's $600 a month savings in interest payments.
Edit: Tiger Pawn beat me to it!
This post was edited on 8/4/25 at 9:45 pm
Posted on 8/5/25 at 5:30 am to Ric Flair
Most car/boat loans are going to require that the lender approve any transfer.
You would want that as a buyer. No sense in taking over paying the note if the title is not transferred to you (Congrats! You just paid off some other dude's car.) , and that won't happen with a car or boat trailer unless the lender allows it.
Also, the seller may have been under water on his last boat/car and then rolled the loss he took on the trade into this loan, so he owed more than the value of the current boat/car from day one, and it's likely still the case.
You would want that as a buyer. No sense in taking over paying the note if the title is not transferred to you (Congrats! You just paid off some other dude's car.) , and that won't happen with a car or boat trailer unless the lender allows it.
Also, the seller may have been under water on his last boat/car and then rolled the loss he took on the trade into this loan, so he owed more than the value of the current boat/car from day one, and it's likely still the case.
Posted on 8/5/25 at 5:45 am to Tiger Prawn
quote:
They could be selling for a number of reasons, but the assumable mortgage is a huge selling point and makes your house much more attractive to buyers when comparing to other homes where the buyer would have to get their own mortgage at a rate 3 percentage points higher based on current rates.
This.
Not that I am selling, but you can bet I'd be mentioning my 2.35% rate if I was.
Posted on 8/5/25 at 7:30 am to Ric Flair
I had a buddy offer me his RV for "what he owed". I always assumed that was more or less the amount they "wanted" to sell it for. No way in hell I'd ever make payments to the previous owner assuming he'd continue to roll what I pay him towards the note. Nor would I buy something for a price that held negative "equity".
End result I'd expect is that I'm paying what the item is worth and the title is financed or placed in my name before any money starts changing hands.
End result I'd expect is that I'm paying what the item is worth and the title is financed or placed in my name before any money starts changing hands.
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