Holding loan for buyer

[ginagary]

We are going to be selling our 2007 Winnebago Journey. Since it is over 10 years old, most buyers will not be able to get financing.
Has anyone had any experience in holding the loan for the buyer?
Pros/cons, suggestions.....
Thanks

[MRUSA]

Instead of holding a loan, just give them the RV for free. Much quicker, same result, fewer legal fees..

[Ductape]

I might give a loan for the RV secured by a first mortgage on real estate with 8% interest. :B

[Bill_Satellite]

I like to check back with this thread from time to time just to see if anyone is dumb enough to say "Yes, that's a good idea"! :S

[Passin_Thru]

Don't shout! I just sold one for cash 2 weeks ago.

[BigSkyBob]

Personally, I would be happy to carry the paper. I'd require 99% down with the remainder of the loan paid in easy monthly installments. Otherwise, no way hose A.

[Mr_Mark1]

valhalla360 wrote:

Mr.Mark wrote:
It's a shame in today's world that people just aren't honest. I, too, would not carry a loan for a stranger. If they can't get a loan on their own, there is a reason.
.

When was it not "today's world". There have been scammers back to the Garden of Eden.

To the OP: If you aren't experienced running a bank loan department, it's a bad idea. If you are experienced running a bank loan department, you wouldn't be asking.

If they can't get a loan, there is most likely a good reason.

Wow, Val, you don't look that old! :B

In my years in business, things seem a good bit different than when I was dealing with people 30 yrs. ago (just my experience).

And you are right, there were shyster's since the beginning of time.

Happy travels,
MM.

[Ralph_Cramden]

valhalla360 wrote:

Mr.Mark wrote:
It's a shame in today's world that people just aren't honest. I, too, would not carry a loan for a stranger. If they can't get a loan on their own, there is a reason.
.

When was it not "today's world". There have been scammers back to the Garden of Eden.

To the OP: If you aren't experienced running a bank loan department, it's a bad idea. If you are experienced running a bank loan department, you wouldn't be asking.




If they can't get a loan, there is most likely a good reason.

You said a mouthful.....especially the last sentence and especially so in today's world where it's easier than ever. If your credit is close to good and you have a decent job, you can apply for 30K or more online without even having to provide a pay stub and have it wired into your bank account in 2 days at an extremely attractive rate.



You're 100% spot on with that last sentence.

[hoosiermark]

valhall360. Having run a bank loan department in the past for years, I could not agree more with your logic. It is spot on.

[valhalla360]

Mr.Mark wrote:
It's a shame in today's world that people just aren't honest. I, too, would not carry a loan for a stranger. If they can't get a loan on their own, there is a reason.
.

When was it not "today's world". There have been scammers back to the Garden of Eden.

To the OP: If you aren't experienced running a bank loan department, it's a bad idea. If you are experienced running a bank loan department, you wouldn't be asking.

If they can't get a loan, there is most likely a good reason.

[doxiemom11]

Many loan companies will not loan the money because of the age of the rv - not because the people have bad credit. Some here obviously don't know the obstacles that you run into - some won't loan less then 50,000.00, so if you want to buy one of lower value, they won't loan to you.

I wouldn't hold the loan for anyone, but can suggest that if they are serious, have them try credit unions. We purchased our 10 yr old unit, financed with a credit union. They just wanted to make sure the value of the coach was as much or more than we were financing. They were willing to finance what you needed, not place some minimum or age in the rules.

[time2roll]

If they must make payments go with the lay-away plan.
MH and title stay in your possession until fully paid.
Don't forget the 10% restocking fee if they want to cancel 😉

[Nunyadamn]

Horrible idea - don't do it. I used a company to do this for a car once. It was their business model. They went bankrupt and I had to keep the loan and deal with the purchaser for years. If they missed a payment even for a few days, which they did, I had to make the payment and deal with getting paid back by them. It was a huge pain and I would never ever do that again.

[tropical36]

ginagary wrote:
We are going to be selling our 2007 Winnebago Journey. Since it is over 10 years old, most buyers will not be able to get financing.
Has anyone had any experience in holding the loan for the buyer?
Pros/cons, suggestions.....
Thanks

DON'T DO IT!

[Chum_lee]

What if the buyer drives the vehicle to Mexico or Canada and then defaults? Then, in addition to the vehicle being a long ways away, even if you find it, and/or them, you have NO legal recourse at all. They have your RV. (for free) Not a good idea at all.

Chum lee