Lease/purchase?

[prussell]

I have a friend who has been trying to sell his boat for 4 or 5 months.Asking price of $70,000. He currently has a lease/purchase offer for close to his askings price. The buyer wants to make a down payment of approx. 10%, pay 11% interest on the balance, and pay off the balance in 2 years. The seller does not know the buyer. Does anyone have any experience with this type of transaction regarding boats. I know in real estate it''s a fairly common practice, but with boats I''m not so sure. The seller has asked me for advice and I thought I would put it out there on sail net. Thanks.

[OCJoe]

With interest rates as low as they are/were, I would not have any interest in holding paper on any boat today, especially with 10 percent down.