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Old 05-14-2008, 09:13 AM   #1
Petro
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taking over payments... couple quesions

ive had many people interested in doing "power of attorney" type takeover of my payments on my victory motorcycle. how does this work? i know the loan is still in my name, but am i still responsible for the bike, and do i still need to keep full coverage insurance?
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Old 05-14-2008, 09:16 AM   #2
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i always thought taking over payments would mean the person would need to get a loan for the amount that you owe, and then pay it that way? :dontknow: but i guess that would just mean buying it

I don't trust what you're talking about, personally, there's no guarantee that they won't wreck the bike and stop paying.

I dunno how the POA works, in regards to credit...

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Old 05-14-2008, 09:20 AM   #3
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Old 05-14-2008, 09:27 AM   #4
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If they take over payments you are still responsible and you still have to be covered on the insurance b/c most likely that's a requirement from your lien holder. Word of advice...unless you really trust this person DON'T even think about letting them take over payments in your name b/c in the end when they don't make payment the lien holder doesn't give a about your power of attorney. That just means that after they come after you for the $ you have legal recourse to go after the new guy for the money you are on the hook for...but you're still on the hook for it!

For what it's worth.
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Old 05-14-2008, 09:30 AM   #5
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You can properly set it up where you would be a second lienholder on the bike. You can also require them as part of the contract to maintain full coverage insurance and show you as an additional insured.

Having said all that, DON'T DO IT!! All those systems are in place with all the finance institutions and they still get screwed on some deals. Why would you want to be someone elses source of credit and not even make any interest on the deal. Wait for a buyer that can afford it.
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Old 05-14-2008, 09:31 AM   #6
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If they want to take over payments, then they need to talk to a lender and get the loan. After that, their lender will pruchase the load from your lender and the bike will be transferred into their name. At that point, you should be completely out of the deal and no longer responsible for the bike.

They are asking you to accept a POA so they can continue to make payments on a loan from your lender under your name. Check your fine print on your contract for the loan and you will see that 90% of loan companies do not allow 3rd party transactions on existing loans. If you try it, they can call the loan (which you may or may not have the money to pay off now) and then take the bike (if not) and ruin your credit.

It's a risk, you better know the person real well and have the money to pay it off should they default on the loan payment. I personally would only allow family to assume notes on a loan in my name, but not a 3rd party. And even that is a risk as you shouldn't take family to court.

Good luck with it...
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Old 05-14-2008, 09:35 AM   #7
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understood, i figured all of this, but wanted to make sure.
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Old 05-14-2008, 09:37 AM   #8
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why not put it up for sale? seems easier....
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Old 05-14-2008, 09:40 AM   #9
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Quote:
Originally Posted by F4i amber View Post
i always thought taking over payments would mean the person would need to get a loan for the amount that you owe, and then pay it that way? :dontknow: but i guess that would just mean buying it

I don't trust what you're talking about, personally, there's no guarantee that they won't wreck the bike and stop paying.

I dunno how the POA works, in regards to credit...

+1, Yep, you're asking to get screwed in doing so...
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Old 05-14-2008, 09:43 AM   #10
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Its a risky endeavor. There is no risk for the other party regardless of any contract.. Creditors don't care (Ever been married?).

I have sold a car to a tech at my job who was hard up.. But I made him change his Direct Deposit to deposit the payment to me. It worked out all right, and he was able to get back on his feet.
You can also set up automatic payments thought banks bill pay, etc

I would have to really know the person to do it again...
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Old 05-14-2008, 09:56 AM   #11
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Old 05-14-2008, 10:01 AM   #12
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Quote:
Originally Posted by andre3k View Post
why not put it up for sale? seems easier....
it is up for sale... just keep getting these ppl. wanting to takeover payments through me... and i keep telling them to find a lender.
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Old 05-14-2008, 10:03 AM   #13
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there's a reason, lenders won't lend them $, so why should you.
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Old 05-14-2008, 10:09 AM   #14
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i had no intention of even considering it, unless there is a way to make them soley responsible for the loan. i pretty much knew the answer to this question, but wanted to make sure.
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Old 05-14-2008, 10:22 AM   #15
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like you said, you already know the answer. You both go to the institution that has the current loan and they get it in their name and you wash your hands of it.
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Old 05-15-2008, 03:38 PM   #16
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Quote:
Originally Posted by p0opstlnksal0t View Post
ive had many people interested in doing "power of attorney" type takeover of my payments on my victory motorcycle. how does this work? i know the loan is still in my name, but am i still responsible for the bike, and do i still need to keep full coverage insurance?
DO NOT do anything except get it out of your name. Don't let someone ride a bike without their name on it. Don't leave yourself vunerable to somone being unethical as tempting and easy as it may be.
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Old 05-15-2008, 03:40 PM   #17
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Don't DO IT
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