Taking over payments??
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Tourer
Joined: Mar 2009
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Taking over payments??
Please forgive me for my ignorance first of all but I have never done this before so I need guidance.
Thinking about selling my 09 SB and I've got a buddy who wants it. I would like to just give it to him and let him take over the payments but I'm not sure how this works? It's financed through HD I know he would have to qualify for the loan but then what?
Any advice will be greatly appreciated,
JB
Thinking about selling my 09 SB and I've got a buddy who wants it. I would like to just give it to him and let him take over the payments but I'm not sure how this works? It's financed through HD I know he would have to qualify for the loan but then what?
Any advice will be greatly appreciated,
JB
Seasoned HDF Member
Joined: Apr 2006
Posts: 10,675
Likes: 95
From: Billings,Mt.
I dont know if HD Credit would allow this.
Think a person would have to get a loan on their own then buy the bike from you.
There is no way I would just give it to him and hope he makes the payment.JMO
Think a person would have to get a loan on their own then buy the bike from you.
There is no way I would just give it to him and hope he makes the payment.JMO
Last edited by 1flhtk4me; Mar 3, 2011 at 08:06 PM.
Club Member
Joined: Sep 2010
Posts: 18,776
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From: Walker WV by way of NEW YORK CITY
I did it with BMW credit, my buddy had to pass BMWs credit check then the balance of what I owed was transferred to his name.
Harley might do the same. I would go to your dealer and talk to the F&I guy. I hope they will try to help, my BMW shop was great
Harley might do the same. I would go to your dealer and talk to the F&I guy. I hope they will try to help, my BMW shop was great
Stellar HDF Member
Joined: Feb 2009
Posts: 2,936
Likes: 20
From: Driftless Area
Ditto, has to go on his own credit, I have loaned money to a friend to buy a boat before, and had the conditions noted and notorized. No problem, guess it depends how far you trust him. The guy I loaned to I've known for 30 years, it's not about only trust but, what if he passed away, who would be liable for the ticket? We both decided a notarized statement by the advice of the credit union was the way to go. BTW, he was waiting for his tax return, and couldn't pass up the boat deal. Two days later, the refund comes, he gives me full payback plus 250, what a bro! I didn't even expect any interest on the loan. He's my brother from another mother.
Seasoned HDF Member
Joined: Apr 2006
Posts: 10,675
Likes: 95
From: Billings,Mt.
You both go to your delaer and talk to the financial rep there. They can help you make the deaal go through.
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Tourer
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Here is a pic of the bike if anyone is interested. I most likely going to sell my other bike as well. It is a 2010 Iron 883.
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