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Old 12-12-2008, 11:20 PM
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Originally Posted by BraceYourself View Post
Run for the hills.

Meaning do not finance yourself. Having the title won't mean **** when the **** hits the fan. Will take attorneys and all kinds of time. If the guy can't afford or finance the purchase how in the world is he going to afford everything that's needed to spend a day making no money out on the water.
Thats pretty sad personal attack on someone you dont even know.You could have recommened not to make the loan without bringing up the other bullSh*t.The ad read owner finance if I was to purchase it and let it sit in my back yard who gives a rats as*!!As long as the owner gets his balance my affording anything else is none of anyones business. Really you got people on here making comments that dont even have a membership.I guess they shouldn't own a boat either and we wonder why so many people are going to serious offshore.
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Old 12-12-2008, 11:52 PM
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I think holding the title and registration does mean you still own the boat and you have 6K to hold.Sell the boat and protect yourself in the bill of sale,you seem like a nice guy and Scott will come through.
And if the buyer puts the boat together and goes out and accidentally kills someone....the OWNER plus the BUYER are both on the hook.

Sorry but have to disagree with you on this one (in today's litigeous society)
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Old 12-13-2008, 12:57 AM
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And if the buyer puts the boat together and goes out and accidentally kills someone....the OWNER plus the BUYER are both on the hook.

Sorry but have to disagree with you on this one (in today's litigeous society)
I agree, but even once its sold I have had buyers not transfer the paper work. You need a bill of sale thats stamp by a notary. I owner financed the sale of my last boat and had attorneys do all the paper work.
They claimed I was protected.He could always keep the drives till paid in full.
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Old 12-13-2008, 07:13 AM
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Just to let you and Scott know in Louisiana any boat over 10 yrs old is considered tax excempt. I now Scott personally he is not the type of person looking to get over on someone. Lets face it in the used boat world someone has to trust someone. You made the offer and he took you up on it,thats smart business in my book.6K deposit on a 20k boat is a great deal,10-20% probably would have made the deal fly.
I have purchased boats from owners and builders,most bad apples float to the top.
I think holding the title and registration does mean you still own the boat and you have 6K to hold.Sell the boat and protect yourself in the bill of sale,you seem like a nice guy and Scott will come through.
I do honestly trust the guy... I myself have never had a doubt that he would not pay for it.I talked to him several times and I talked to his wife... Thye both seem honest as the day is long...

I have a Friend that owns a Marina and Dealership.. for 70 years. He said NO way, your putting yourself at risk. He gave Scott 3 finance comanies to get financing. No luck there. He thinks there is more to the story... I am the optimist... The way I was raised. You look me in the eye and tell me something... I beleive it.
My problem is selling the boat for one price... Writing the bill of sale( and notorizing) for another to help with taxes. He is there and I am here..

TRUST ME I want to sell the boat. I want to help someone out if need to. I have help many times from friends to get through something. I don't need two boats. Plus my wife wants me to buy a Pontoon in the spring so my 19month old boy is going 100mph on the water. (not sure of her thinking that he wouldn't like it !!)

My thread was to get some advice on how to handle this matter. 9 out of 10 say it is not good. You say yes but you know him personally.

It is not over just got to figure the legalities out so it works for everyone.


Sit back and we shall see!!
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Old 12-13-2008, 10:57 AM
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I agree, but even once its sold I have had buyers not transfer the paper work. You need a bill of sale thats stamp by a notary. I owner financed the sale of my last boat and had attorneys do all the paper work.
They claimed I was protected.He could always keep the drives till paid in full.
Unfortunately in todays world, you can have a 500 page contract protecting yourself but you can still be dragged into court to defend yourself and the 500 page document.
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Old 12-13-2008, 11:42 AM
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Unfortunately in todays world, you can have a 500 page contract protecting yourself but you can still be dragged into court to defend yourself and the 500 page document.
I heard that!! I don't know if there is a way to secure yourself today and not spend 5k in a lawyer to get your chit back!!

I have talked to two lawyers in 48 hours. Both have said.... Do a layaway plan ... That is it.
Everything else is to risky...
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Old 12-13-2008, 01:53 PM
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Everything else is to risky...
BINGO!
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Old 12-14-2008, 04:06 AM
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If he can't afford to buy the boat, how is he going to afford the motors, the up keep and repairs, insurance etc. If he can only come up with $6k for a perofrmance boat, he is out of his league.
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Old 12-14-2008, 12:58 PM
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Lube most will disagree but if the boat is without power and free and clear at least get montlly payments + 6000 the boat is not going up in valueTake a gamble but hold title cross your fingersinshure it against default??If there is such a thing??Good luck or put motors and get top dollar!!
The boat is Free and clear.. The motors are still in it. I couldn't sell it so I decided, like some other do, sell it with out power also.
I have learned so much. I got over 100k in reciepts and if that was in another boat... newer.... or diferent manufacturer, I probably wouldn't be posting. I just feel I can't give this away.
20k for a boat with 2 -XR's/w.. sportmaster lowers. Full hd steering, intercom, A/C/heat, new Livorsi Gauges.. triple axle custom trailer. There is atleast 50k in parts going with it and I can't get 20k for it???? Crazy... I don't need to sell it. I just don't want to be a 3 boat owner. plus jet ski's....

AGain I appreciate everyone help
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Old 12-14-2008, 01:46 PM
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I'm not sure if this will help or not, but last year i purchased an 88' scarab sport. I got my loan from the NC State Employees Credit Union. They would not give me a boat loan since it was over 10 years old, but i had no problems getting a regular personal loan. I was 23 at the time with no credit history so i am getting hit hard on the interest but i had no problems getting the loan and it has worked out well for me.

So what i am saying is instead of trying to get a "boat" loan see if the banks will do a different kind of loan with different terms. This may not even be possible now as i know banks are in a completely different position than they were when i was talking to them.

Last edited by BluWaterNC; 12-14-2008 at 01:48 PM.
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