Like Tree0Likes

What to do.......

Reply
Old 04-09-2006, 06:38 PM
  #1
Registered
Thread Starter
 
fountain525sc's Avatar
 
Join Date: Oct 2000
Location: Kansas City, Missouri, USA
My Boats: 1995 35' Fountain Lightning
Posts: 305
Question What to do.......

I really can't figure out why my 35 Fountain hasn't sold yet. Guess the market is just too flooded. I do have a gentleman that wants to do a partnership on the boat where he basically takes over the payments, but it stays in my name so the interest rate is saved. He will pay it off in full in a year, but I'm a little leery. Has anyone heard of doing this? Is my asking price too high? Any suggestions or comments would be greatly appreciated.

http://www.offshoreonly.com/esvon/page-8824.html

Ryan
fountain525sc is offline  
Reply With Quote
Old 04-09-2006, 07:19 PM
  #2
Registered
 
H2Xmark's Avatar
 
Join Date: Apr 2001
Location: beaumont tx
My Boats: 1997 Fountain 35 Lightning
Posts: 1,703
Default Re: What to do.......

price looks pretty good for all the upgrades you have on it, some people have a harder time getting insurance on boats that are 10yrs old and older, I just had to have a survey on my 1997 fountain for my insurance co.[markel] . good luck and hang tough, nice, clean boats will bring close to top dollar, its all the ran hard put up wet stuff that sells for cheap
H2Xmark is offline  
Reply With Quote
Old 04-09-2006, 07:42 PM
  #3
Registered
 
Join Date: Mar 2002
Location: MI / Ft. Lauderdale
My Boats: 2004 Gladiator
Posts: 175
Default Re: What to do.......

I wonder about your insurance. Will it cover him and his friends without you in the boat? Also what happens when he finds Gas at $3.50 a gallon so instead he puts 87 octane it's only $3.00 and cost someone repairs? I ask only because a friend let his nabor use his boat, damaged the boat and his insurance would not cover it because he was not on the boat when it happened. Just trying to help in case you over looked this.

Rich
BOSSMAN is offline  
Reply With Quote
Old 04-09-2006, 07:52 PM
  #4
Registered
 
jryan26's Avatar
 
Join Date: Sep 2003
Location: Oklahoma
Posts: 1,954
Default Re: What to do.......

What happens after the summer is over, and he decides he wants something different? Do you get a huge deposit?
jryan26 is offline  
Reply With Quote
Old 04-09-2006, 09:18 PM
  #5
Registered
Thread Starter
 
fountain525sc's Avatar
 
Join Date: Oct 2000
Location: Kansas City, Missouri, USA
My Boats: 1995 35' Fountain Lightning
Posts: 305
Default Re: What to do.......

Deal at this point is $5k down and $10k every 90 days with full payoff in January 2007.
fountain525sc is offline  
Reply With Quote
Old 04-09-2006, 09:30 PM
  #6
Registered
 
kswest's Avatar
 
Join Date: Mar 2006
Location: Washington, DC
My Boats: Donzi 28ZX
Posts: 329
Default Re: What to do.......

I wouldn't do it. Even at 7% interest he is only going to pay a couple K in interest over the year it takes him to pay it off.

Anything you do without getting paid in full up front exposes you to some liability.
kswest is offline  
Reply With Quote
Old 04-09-2006, 09:35 PM
  #7
Ginger or Mary Ann?
Charter Member
Trade Score: (1)
 
US1 Fountain's Avatar
 
Join Date: Oct 2000
Location: Lafayette. IN
Posts: 10,866
Default Re: What to do.......

Had a guy here that sold his Fever the same way. On a payment plan because he also was having no luck selling. Buyer had it a couple months and decided he didn't want it. Told the owner to come and get it. It was trashed. Don't know the details of the agreement, other than the deposit didn't cover the damage. Seems if he can pay 10k every 90 days, he can buy it outright.
US1 Fountain is offline  
Reply With Quote
Old 04-09-2006, 09:41 PM
  #8
Registered
 
jryan26's Avatar
 
Join Date: Sep 2003
Location: Oklahoma
Posts: 1,954
Default Re: What to do.......

Why cant he finance the entire amount?
jryan26 is offline  
Reply With Quote
Old 04-09-2006, 09:43 PM
  #9
Registered
 
Join Date: Jan 2001
Location: Cape Coral, FL / Toms River N.J.
Posts: 287
Default Re: What to do.......

Dont do it.........it will never happen

Why cant he get a loan?........probably because his credit is in the toilet.

He will probably give the first 5....stretch you, avoid you and then tell you
that the boat has all kinds of issues. Then you get back........eventually,
and it will be used up and you will be trying to sell for half of what you're
asking now.

I knew a guy who used to pull these kinds of stunts with people, it always
amazed me how many people he would suck in........he's in jail now.
Mike 35 Fountain is offline  
Reply With Quote
Old 04-09-2006, 09:52 PM
  #10
Platinum Member
Platinum Member
 
CAP071's Avatar
 
Join Date: Jul 2001
Location: USA
Posts: 16,430
Default Re: What to do.......

Quote:
Originally Posted by Mike 35 Fountain
Dont do it.........it will never happen

Why cant he get a loan?........probably because his credit is in the toilet.

He will probably give the first 5....stretch you, avoid you and then tell you
that the boat has all kinds of issues. Then you get back........eventually,
and it will be used up and you will be trying to sell for half of what you're
asking now.

I knew a guy who used to pull these kinds of stunts with people, it always
amazed me how many people he would suck in........he's in jail now.

that's about it
CAP071 is offline  
Reply With Quote
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 02:56 AM.


Copyright 2011 OffShoreOnly. All rights reserved.