Like Tree0Likes

Anyone got info on Lease-to-Own Programs?

Reply
Old 09-05-2002, 06:48 PM
  #1
btrysNOTincld
Guest
 
Posts: n/a
Question Anyone got info on Lease-to-Own Programs?

I am currently contemplating selling my boat through a lease to own program brokered by BryStar Yacht and Marine (brystarmarine.com) . I am wondering if anyone has had experiences with this or other lease-to-own brokerages. Buyers and Sellers input is appreciated here.



Thanks!
 
Reply With Quote
Old 09-05-2002, 07:26 PM
  #2
btrysNOTincld
Guest
 
Posts: n/a
Default

I actually want to sell outright, but am not getting many bites. These guys claim to have a lessee ready to go. The benefit to the "buyer" is no hit to their credit up front. The benefit to the lessor is you get out from under the payment now. The broker works it so that the lessee refinances at 12 months, and buys the boat outright at that point.

They appear to be a legit company, but this is an unorthodox approach to me. I'm just trying to gather info to make an educated decision. I couldn't find anything on these guys on the Better Business Bureau site.

Hopefully someone out here has some experience here... we'll see!
Attached Thumbnails
Anyone got info on Lease-to-Own Programs?-profile11.jpg  
 
Reply With Quote
Old 09-05-2002, 07:41 PM
  #3
bn
Registered
Platinum Member
 
bn's Avatar
 
Join Date: Oct 2000
Location: Syracuse, NY
My Boats: 353 FASTech
Posts: 653
Default

I don't think that I would let someone beat the sh#$ out of a boat that I still own. These types of boats are not cruisers. Most people run them hard and fast.

Who's name is the insurance in?
bn is offline  
Reply With Quote
Old 09-05-2002, 08:00 PM
  #4
Registered
 
Mate 229's Avatar
 
Join Date: Feb 2001
Location: Richmond VA
My Boats: 1997 Fountain, 27 Fever
Posts: 376
Default

Sounds questionable to me. You carry the loan and I take it the leesee make the payments. You credit and boat are at risk and theirs isn't. If they can't finance it now how will they in a year? Also if something breaks, and you know it will, there's a good chance you won't get paid, or they'll expect you to fix everything at your expense. I'd rather drop the price and know it has a new owner.
Mate 229 is offline  
Reply With Quote
Old 09-05-2002, 08:14 PM
  #5
btrysNOTincld
Guest
 
Posts: n/a
Default

BN, Insurance is carried b y the lessee, and lessor is named as payee as well as the bank.

Mate, the Brokerage pre-qualifies the lessee, and the lessee has to pay the brokerage a considerable down payment (equity, skin-in-the-game, whatever) to get into the lease.

The maintenance requirements are pretty well laid out on the lease, but that does assume the lessee complies
.

I'm really hoping to find someone who has some actual experience with this situation...

Thanks for your input!
 
Reply With Quote
Old 09-07-2002, 07:20 AM
  #6
AttitudeAdjusta
Guest
 
Posts: n/a
Default

Run like hell from a deal like that. I did it once with a car, the guy missed payments and when I finally got the car back it was a worthless piece of ****. Your better off selling it outright.
Good luck
 
Reply With Quote
Reply

Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
bcfountain
General Boating Discussion
8
04-11-2007 08:23 PM
glassdave
Classic Offshore
1
10-18-2006 12:48 AM
markt111
General Q & A
3
07-05-2004 08:26 PM



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 06:02 AM.


Copyright 2011 OffShoreOnly. All rights reserved.