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Hypothetical Accident Liability Question

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Old 04-25-2008, 12:29 PM
  #21
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With all due respect...
RUN, don't walk but run from this deal. You should be looking to put those dollars to work on an appreciating asset like a home (or even better, a rental and keep living w/dad) than an older boat that's going to be a cash sponge, even if you have good luck with it.

I know you didn't ask so feel free to tell me to go F- myself. I wish someone would have convinced me a couple decades ago. Moves like this are the precursor to a life filled with high-interest loans and visits to bankruptcy courts.
I don't think there are too many people on this site that have ever boat a boat as an investment....true, there are better ways to "invest" your money, but sometime you can't put a price on a good time. May dad used to say that a boat is a hole in the water that you throw your money into, and as long as you know that going in, then go ahead and buy what makes you happy. And I have to say, if there was ever a time to buy a boat, now would be the time, when you have no other obligations (mortgage/rent, wife/kids, etc.).

Go buy the boat and enjoy.
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Old 04-25-2008, 12:41 PM
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There's an informal term the legal community uses for tactics like this. It's called "getting cute". They don't work, but they do piss judges off. Plus it's a bad move on her part. Unless she transfers it, all you have to do is get a replacement and you can sell the asset.

I wish someone would have gotten through to me when I was your age. The mistakes I now regret...

Making $70K and having to borrow $16K and on top of that, taking 6 years to repay? About a $300 payment? On your income, living at home?

With all due respect...
RUN, don't walk but run from this deal. You should be looking to put those dollars to work on an appreciating asset like a home (or even better, a rental and keep living w/dad) than an older boat that's going to be a cash sponge, even if you have good luck with it.

I know you didn't ask so feel free to tell me to go F- myself. I wish someone would have convinced me a couple decades ago. Moves like this are the precursor to a life filled with high-interest loans and visits to bankruptcy courts.
No reason to tell you that, but then again, if I couldn't afford it, I wouldn't be buying it. I can appreciate where you are coming from, the voice of reason... But then again, you really don't have any clue of my capacity to pay the boat off, and do it quickly.

I have a paid off 575 horsepower Camaro, a paid off Harley, and in a year or so I'll have a paid off Pantera.

I'm not buying it to make money. I'm buying to have fun while I don't have any responsibilities to speak of.

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Originally Posted by pasquesi
Chris, as usual, you are right on the money. (no pun intended) This situation is a perfect example of how the banks are bulging with inventory of foreclosed homes, repo'd cars and boats, and credit card defaults at stratospheric levels. This generation does not care to wait, save, and buy with cash. Now, I realize that mortgages are necessary, as well as vehicle loans. However, when you are only making 70K, and don't yet own a home, why would you saddle yourself with a depreciating expenditure? If your bank won't loan you the money, or is charging you high interest, they know more than you. Run away from this deal, and save your money until you can afford to pay the extra 16K.

Sorry to be so negative, and it's only my opinion.
Don't worry about it.

The other 12 grand didn't just come from thin air though, guys.

BTW, when I want to get a house, I can sell a toy or two. With 12k down and barring any catastrophes, I will have a lot of equity in the boat. It's worth more than I am paying, period.
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Old 04-25-2008, 12:44 PM
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I don't think there are too many people on this site that have ever boat a boat as an investment....true, there are better ways to "invest" your money, but sometime you can't put a price on a good time. May dad used to say that a boat is a hole in the water that you throw your money into, and as long as you know that going in, then go ahead and buy what makes you happy. And I have to say, if there was ever a time to buy a boat, now would be the time, when you have no other obligations (mortgage/rent, wife/kids, etc.).

Go buy the boat and enjoy.
Thanks Big, you hit the nail on the head. The right time for me to have a toy like this is now.

NO OBLIGATIONS WHATSOEVER.
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Old 04-25-2008, 12:48 PM
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Go buy the boat and enjoy.
Ditto on that BIG Daddy Chris buy the boat and have loads of funn with it ... u got your whole life to make $$$$$$$$ and let your investments work for ya ....... PARTY ON !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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Old 04-25-2008, 12:56 PM
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Thanks Big, you hit the nail on the head. The right time for me to have a toy like this is now.

NO OBLIGATIONS WHATSOEVER.

If it has a bed, head and some means of cooking.....you can write off the interest as a home.....your first home!
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Old 04-25-2008, 01:01 PM
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It's worth more than I am paying, period.
I only debate this point. It is now worth exactly what you paid. From a fellow Z28'r.

List her as lienholder, provide that she be listed as an additional insured on the insurance policy. If you want to get really cute, get a tax ID and a bank account, register a DBA or LLC for her, and use that name as the Lienholder/Additional Insured. It doesn't guarantee that the DBA/LLC won't be named in a lawsuit, nor that she wouldn't be personally named. But it provides a perfectly legal and well accepted layer of protection. You should also spend the money to have your payment history listed on the major credit bureaus. Helps your credit and provides yet another layer of deniability for her.
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Old 04-25-2008, 01:11 PM
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Ditto on that BIG Daddy Chris buy the boat and have loads of funn with it ... u got your whole life to make $$$$$$$$ and let your investments work for ya ....... PARTY ON !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I agree. Buy the boat. You can't put a price on the feeling of being on the water. I can appreciate where Chris is coming from, but just from reading your posts, you seem reasonably intelligent. Who of us can't look back on the past and say we could have done things differently? Get out there and live. We only do this thing called life once.
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Old 04-25-2008, 01:16 PM
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I only debate this point. It is now worth exactly what you paid. From a fellow Z28'r.

List her as lienholder, provide that she be listed as an additional insured on the insurance policy. If you want to get really cute, get a tax ID and a bank account, register a DBA or LLC for her, and use that name as the Lienholder/Additional Insured. It doesn't guarantee that the DBA/LLC won't be named in a lawsuit, nor that she wouldn't be personally named. But it provides a perfectly legal and well accepted layer of protection. You should also spend the money to have your payment history listed on the major credit bureaus. Helps your credit and provides yet another layer of deniability for her.
Haha, you're right, it's worth what I paid.

Worth way more than I am financing, anyway.

Thanks for the add'l input, I'll post up when I know what's happening.
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Old 04-25-2008, 01:18 PM
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I agree. Buy the boat. You can't put a price on the feeling of being on the water. I can appreciate where Chris is coming from, but just from reading your posts, you seem reasonably intelligent. Who of us can't look back on the past and say we could have done things differently? Get out there and live. We only do this thing called life once.
That's a fact.

If I'm gonna f*ck up, I wanna do it now. LOL.
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Old 04-25-2008, 01:21 PM
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Originally Posted by handfulz28 View Post
I only debate this point. It is now worth exactly what you paid. From a fellow Z28'r.

List her as lienholder, provide that she be listed as an additional insured on the insurance policy. If you want to get really cute, get a tax ID and a bank account, register a DBA or LLC for her, and use that name as the Lienholder/Additional Insured. It doesn't guarantee that the DBA/LLC won't be named in a lawsuit, nor that she wouldn't be personally named. But it provides a perfectly legal and well accepted layer of protection. You should also spend the money to have your payment history listed on the major credit bureaus. Helps your credit and provides yet another layer of deniability for her.
First, you need to have her as a "Named Insured". Additional insured gets her nothing, unless she suffers a casualty under the coverages of the policy. Additional is basically a proof-of-coverage for an interested party.

For the purposes stated here, the corp/llc would provide no real protection. As it would not be a legitimate enterprise but solely a liability shield, it would certainly be ruled invalid. Alot of time and effort for nothing- not that there's any chance you'd get this far anyway.

Last edited by Chris Sunkin; 04-25-2008 at 02:13 PM.
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