cavecreeker

I'm trying to sell my Powerquest 290AE. These guys (http://www.internationalmai.com/) say they can broker it through seller-finance agreement.

Anybody dealt with them before? They seem legit per Detroit BBB website.

BTW, you can see the PQ at (http://www.cavecreekhousers.com/). I've lowered the price to $65K, need to update website.

320es

I think they specialize in no credit check boats and cars. I was curious how the pulled that off. I don't know anyone that has bought or sold through them. I think I would be concerned with being "partners" with someone that can"T finance the boat on there own. You may have a contract to get the boat back if they don't pay but what kind of shape will it be in, and how much of a fight will it be to get it. DO you have to be your own Repo-man?

cavecreeker

Thanks 320es for taking the time to reply. I have the same concerns. They tell me they have a buyer, a doctor, which begs that very question - why can't he get his own financing.

This outfit's primary seller (or mark) is one carrying mortgage they need to unload (divorce, hardship, estate, etc). This outfit brokers deal for buyer to pay the seller's payments thru a proxy (Great Oaks). However, I own the PQ outright so my contract through this outfit would mean I'm the lender, receive 2-3 years of payments, then the buyer pays balloon balance. If the buyer is going to have $50K+ in 2-3 years, why not have it now? Never mind the default hassle, indeminities, etc -- it all scares the hell out of me. Thx again.

Griff

Unless you own it outright, it will most likely violate the conditions of your loan contract also.
If its so great then why doesn't the company just buy the boat from you and play banker themselves??? The company has 0 risk now and you have everything to lose.

cavecreeker

Hey Griff,

I do own it outright and am trying to sell. This outfit farmed me from my Boat Trader ad with this deal. Their deal is primarily for hardship sellers desperate to get out of their mortgage. Typically, the outfit sets up contract b/n buyer and seller. Buyer takes over seller's mortgage payments, maybe makes equity payments to seller, if any.

Outfit contract supposedly indemifies seller by guaranteeing payment, repo-ing and re-selling. I said send contract with said terms. I'm 100% skeptical but curious to read (and my lawyer) the fine print nonetheless.

Thanks for for taking to time to respond!

enticer

cavecreeker

I received a call from them today. Sounded great, but then NOT so great. They emailed me the paper work and them called about an hour later, wanting to know if the paper work was filled out and could I get it back to them....so they could talk to the person they have wanting a Powerquest also. They got the info from out of the Boat Trader magazine.

ricochet1

I actually got a boat from them. The deal was for a 1997 34 Avanti dual station. I paid just 2000 down and although the owner wanted 900 a month I negotiated 715 a mont for 4 years. The reigstration does not transfer so its really nothing more than a rental. After three months, the company started bouncing checks for the boat! The boat owner called me and asked me if I was paying. In fact this company was pulling extra monthly payments out of my account, approximately one payment every three weeks!

The owner and I basically told them to __________off and I paid the owner directly for the remainder of the term. However you should also be aware that there is o real obligation to buy, so after 4 years I gave the boat back to the owner at the expiration of the term.

If you're a boat owner stay away from these guys!

boaterbob1

As you may know nobody is lending money for boats or RV,s in this economic climate and the price of boats and RVs is at about 2/3 of what it should be so this is about the only way people can sell or buy boats right now without it costing either an arm or a leg

enticer

you registered just to do some advertisning????

brian18330

okay I hate to admit it but when I was younger I was not financially responsible and heres my story regarding these people. When I was 18 or 19 I got a 22 Liberator from them, had no money no credit minimum wage job etc. they called a couple references, collected 2 moths worth of payments and gave me the boat. I didnt make a single payment and they left the boat sit at a marina for a year before selling it for way under value to the marina. Then 2 years later I callled them again and had even worse credit, no money and the owner remembered me and asked if I promised to pay this time and gave me a Sonic 31ss. I was 20-21 and just thought I didnt have to pay anyone and was basically a scumbag anout paying my bills. So I didnt make 1 payment on it either. So stay the hell away from them......the buyer might pay you sure but the odds are he wont. I have matured over the years and now I'm 30 and just bought a 2000 Outlaw 33 and went throught a real bank.....8.99% over 15 years and less then 10% down so obviously I now take my credit seriously and my scores reflect that. You will be in a worse situation then you are now....at least the boat isnt costing you anything while you try to sell.