Legal Question in Business Law in North Carolina

dangers of selling my motorcycle to someone willing to take over payments to the

My son owes more on his motorcycle that the blue book value. He found a man who wants to buy the bike for the amount of the remaining payments to the bank. He would need to make the monthly payments -not pay off the loan. Do you advise for or against an arrangement like this?

And, how does my son go about this?

Thank you.


Asked on 7/04/05, 7:14 pm

1 Answer from Attorneys
Mark Johns Mark Johns, Esquire

Re: dangers of selling my motorcycle to someone willing to take over payments to

If the bank will let your son off of the note then it is okay. Otherwise, if the other person defaults, your son will be on the hook for the bad credit and the money owed.

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Answered on 7/05/05, 3:13 am


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