Dealer won't fund Factory, Need Advice
12-23-2012, 09:22 AM
#532
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Ironic you should bring him up in this thread.
Last edited by High Cetane; 12-23-2012 at 10:13 AM. Reason: Senility....
12-23-2012, 09:32 AM
#533
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Let me attack this from another angle. Lets assume as a select few on here think that I pulled a fast one on OCM. Now that OCM realizes that a known crook like myself has tried to screw them ( not really sure how but lets assume I did) wouldn't you think the best thing to do would be to forward those proceeds from my trade in that they sold but I screwed them on to the bank that holds the lien and protect their valuable honest customer that bought the Nor -Tech from them? This seems to me the best way to stick it to me and be a hero to the new owner. Does this seem like a resolution you would prefer MIke? If so you have my permission to contact OCM and work it out.
The deal started bad, that NT should have been paid off right from the start because the new boat did not exist, and the transfer of collateral could not take place.
If OCM gave you the money today, or paid Frisini to build your new boat.....what would force you to actually transfer the lien? The way I see you could just take the new boat and default on the old loan.
Not saying that you would, but you could.
12-23-2012, 09:56 AM
#535
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Chuck, IMO that is the right thing to do.
The deal started bad, that NT should have been paid off right from the start because the new boat did not exist, and the transfer of collateral could not take place.
If OCM gave you the money today, or paid Frisini to build your new boat.....what would force you to actually transfer the lien? The way I see you could just take the new boat and default on the old loan.
Not saying that you would, but you could.
The deal started bad, that NT should have been paid off right from the start because the new boat did not exist, and the transfer of collateral could not take place.
If OCM gave you the money today, or paid Frisini to build your new boat.....what would force you to actually transfer the lien? The way I see you could just take the new boat and default on the old loan.
Not saying that you would, but you could.
Last edited by Donzi ZX; 12-23-2012 at 01:06 PM. Reason: Clarify what I meant about the lien release
12-23-2012, 10:26 AM
#536
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Just in case anyone starts here instead of the beginning, I'll sum it up here in a short version to save some time.
We have two parties enter into an agreement. Both say the other hasn't lived up to their part of the bargain yet neither side wants anyone to see what the agreement actually says.
Oh yea .. there is a lot of off topic nonsense, whining, crying and name calling in there too.
We have two parties enter into an agreement. Both say the other hasn't lived up to their part of the bargain yet neither side wants anyone to see what the agreement actually says.
Oh yea .. there is a lot of off topic nonsense, whining, crying and name calling in there too.
12-23-2012, 10:28 AM
#537
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And that's the problem. Even if OCM paid his bank off, there's no guarantee the lien gets released, and OCM would still be on the hook to Frisini for a custom boat that Chuck may or may not accept. The only way to clear the logjam is to release the lien on the Nor-Tech, like should've happened in the first place.
sale of boat $280.000
given to chuck _ $75.00
givin to frisini _ $30.000
left over $$$ $205.000
so i say OCM is sitting on $205.000 less their commission for selling the nor tech . i know alot things that could be done with that money .lets say a customer walks in and wants to dump his boat cheap and you have a buyer. hell you got the cash on hand buy it and flip it .sort of like having a floor plan and paying no points on borrowing money .i know many dealers who have done it not making a payoff till last minute .matter of fact its in ocms best interest for frisini to take a long time as they can use the money longer less the more needed progression payments . im thinking chuck will get the boat much sooner now that this has come to light .ill bet their is going to be some scurrying around if the money is needed to be put in escow as other have said
12-23-2012, 10:40 AM
#539
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What I meant by "if the lien gets released", was I have no idea what the unpaid balance on the loan is, and whether whatever was left is enough to pay it off.
12-23-2012, 11:05 AM
#540
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in michigan if the lien isnt placed on the title the bank has no right of repossesion, i would think all states would be the same.
as an employer, you are definately responsible for your employees actions, believe me i paid for charges on my accounts from them buying parts etc. for there personal vehicles.
ocm obviously doesnt have chucks money otherwise they would have washed their hands of this already.
does anyone else notice that mike t. always interjects himself in many of these types of threads?
chuck is owed the money no matter what his past is. end of story.
my contribution to this generally unproductive waste of time.
as an employer, you are definately responsible for your employees actions, believe me i paid for charges on my accounts from them buying parts etc. for there personal vehicles.
ocm obviously doesnt have chucks money otherwise they would have washed their hands of this already.
does anyone else notice that mike t. always interjects himself in many of these types of threads?
chuck is owed the money no matter what his past is. end of story.
my contribution to this generally unproductive waste of time.
