Turbojack

As of yesterday the loan had not been paid off.

I was told yesterday that the salesman and the buyer together picked the boat up Saturday morning from my friends slip and took it somewhere else.

Don't want to say any names at this time. Right now they have all of his money and he has no boat. He had told me he was keeping insurance on the boat, but I told him that from what I know since they have possession of the boat that the insurance company would deny any claim.

Turbojack

As of this time we can neither confirm or deny, since we do not know if or why the motor went south.

As far as I know the dealer has nothing to do with OCM.

phragle

iTrader: (3)

And as for the next payment due on the loan thats still in his name???

bobkatz

Is there a chance there's no problem and this is a negotiation ploy? This is going to end up bad for the seller. No boat, no access to boat, boat loan still in place.
smh

offshore312

There is a point of ridiculous some times too. Some time back (220 /2003) I had purchased another 31' chris stinger, which I intended to clean up & flip. The prior owner had just gone through a divorce, lost his job, yadda-yadda. He started the engines dry for me, they sounded ok, so we made a deal ($9,500)& I took the boat. Before I could even finish the general clean up of the boat, I had a guy that wanted to buy it "AS IS". We made a deal (I made about $500 more than what I paid for it) and he took the boat. When he backed it in the lake for the "first time" he said it had water coming out of the port engine block. I agreed to look at it and see what I could find. I go to look at the boat, and he hands me an estimate to have a new engine built that was more than what he friggin paid for the boat. I told him I'd give him two options, #1 being I'd take the boat back, and give him what he paid me. Option #2, was that I'd pull the engine, tear it down, and rebuild with him buying all needed parts. He went for option #2. When I tore down, I found that #1 cyl had hydraulic'd apparently from a blown head gasket, and soft plugs in the block had pushed out, most likely from poor winterization by the guy I bought it from.. I found him a good used 4-bolt block with rods & pistons (no crank), which I rebuilt with those parts from the busted block that were usable, basically heads, cam & crank. He had the heads done, re-conned the rods from the block I found for him, new piston rings, lifters, push rods, etc. He came away with a smoking deal and probably had a better port engine than what the starboard was. At the end of the day, I did lots more for the buyer than what I think he was entitled to, as I had fully disclosed that I hadn't done run the boat, or done anything with it, and the contract buy/sell agreement that I drew up clearly stated "AS IS / WHERE IS". If I had kept the boat and stayed with my original plan, as I would have done compression & leak downs before selling. I could have re-built the port engine, cleaned / detailed the boat and could likely have at least doubled my investment.

Nate5.0

If he no longer has his boat, yet his loan is unpaid in full, and he has insurance on it.

That would be theft and time to bring the Fuzz into the matter.

F-2 Speedy

iTrader: (6)

here come da fuzz here come da fuzz, all at fault including your buddy for being so trustworthy, ( why let the boat go without CASH in hand ) I'd suggest stop posting, go hire a lawyer, and go get the cops involved

The only way Id do a transaction like this would be with a personal friend to collect the cash for me, so many things are wrong here.

partlowr

Report the boat as stolen through fraudulent means, get police involved.

SKammeraad

this is my thinking. i think its time to out this shady broker for the rest of us to avoid because your buddy is about to get one pulled over on him

partlowr

Please share the dealers/brokers name with the rest of us so we can make sure we keep clear of him.