How do you trade with another individual?

Question

I wan to trade my jet ski with another man for his boat. How can I be sure that if he defaulted on his remaining payments that I wouldn't lose the boat? Any help would be great.

Answer 1

Assume the payments on the boat, talk to the lending company.

Is your jet ski paid for? If not, then he assumes the pmts. on your's.

Please don't depend on somebody else when it comes to something like this.

Answer 2

Were I come from its called a Legal Contract. the way I see it, yours is paid off, He is still making payments, the way it should go down is you will assume his Payments, you will finish paying for it.