Desperate. Take Over Payments
 

Hi,
If anyone is interested I am close to leting the boat go .I can not aford to keep it with all the medical bills that I have now. So if this interesting to anyone call me Rocky @ 661-510-5049
the boat is listed in the classifieds, the all white one with twin 500s. the payments are $835.00 per month.
Thanks, Rocky

How many years left on the note?

Rocky -

Terribly sorry to hear about your situation. But you need to post how much is owed on the note as you do not want the boat in your name if someone else takes over payments.

If there is an accident, you will be liable as the actual owner.

Figure out what is left on the note and sell it for that or a little more if you can. Do not leave it in your name.

Email me your info, pics and the payoff, maybe I can help a little.

[email protected]

Kirk

19 years left
72k still owed
I might be able to add driver to insurance

check and see if the note on the boat is assumable

wow this sucks. whis i had that kind of cash laying around. thats my dream boat.

99.9% of consumer loans are not assumable, however in this day and age, the bank may make exceptions. May even agree to a short sale with a cash buyer rather than take it back.

its up for the taking, if someone has an idea other then what I have come up with let me know.
Thanks

Wow sorry to hear that..Had no idea the bank would carry paper that long....wonder why we had to bail those guys out...if moneys tight and the pay off is that high...hate to say it. Best option might be to hand it back over to the bank.

Thats a shame man. I have been drooling over this boat for almost a year ever since I first saw it on the Pantera web site.

I know my dad had a 25 Year on his boat. he pays 558 a month. but he got it back b4 all new bank problems. he only owes 15k or so so hes ok with his boat.

also thats why everything is so messed up is everbodie just giving their stuff back to the bank.

One good thing is sometimes if you give it back in great cond. then it does not go on your credit report. ive seen it be 50/50 with people who just let the house go back to the bank. so its a hard choice.

What about Selling the power off to get some exter cash? that stuff is easy to replace when you have more money?

or get a second owner on the boat and split the paymont cost?

Good call. If you're currently behind on the payments the bank may do a short sale. Plus, I have no idea what boat loan interest rates are these days as I know they are getting tougher. But it looks like it is currently about 12%. If the new buyer can get a lower rate and a short sale this could be a great deal for someone.

Sorry to hear this Rocky. Keep your chin up!

I can't believe the bank would loan for 20 + years at 12%, thats fricken criminal. No surpise if something is taken back, no way to build up equity in the short. I did a 6 mos note on my 24 at a lil less than 6% and b*tched about that. I cant even get a mortgage at fair rates with 50% equity and enough cash to pay it off the remaining in reserve. Stuck with two year balloons at 8%. I don't know what to say on this deal...if you need the money for family and it's life and death..thanks to out great healthcare...I'd probably sell the the motors if push came to shove. Cash and maybe a small block swap. Unless its a live aboard I cant see why any lender in their right mind would go more than 5 years. Maybe it's naivety on my part I just assumed most of the high end stuff were cash deals. I've always bought used on cash or short notes. Whatever happens to the bank happens.

I think it is quite common to get a 15 to 20 year note on a boat. It is due to the huge sticker price that ALL boats carry nowadays. I suppose it is up to the individual and his tastes as to whether or not he wants to finance the ride and take extra tax deduction as a 2nd home. Just because someone can't pony up $100k in cash for a boat, doesn't mean he can't afford to have it, run it, and enjoy it. Paying cash for everything is certainly a way to minimize any risk to yourself, but not everyone has the luxury of doing so. If everyone was forced to pay cash for the boat that they want, OSO would most likely not exist. The fraternity of boat owners would consist of a very much smaller group of people.

Sorry to hear about your situation Rocky. That is my favorite 28' Pantera hands down. I'd love to take it off your hands, but with the way the banks are now, I can't get a boat loan to cover it. Good luck with it, and I hope it works out for you.

wow $835.00 per month X 12 months x 19 years = $190380.00:eek:

I have a different mindset the way I was raised, not to be disrespectful to anyone but it's pretty simple.

1. Always have enough money saved to live on for a year.

2. If you can't pay cash you can't afford it.


I just have a different way of looking at things, if you can't pony up the 100K then no you cant afford the other things. How do you pay to repower a 100K boat several times over the course of the note without more debt. Unfortunately our country doesn't set a good example speninding and borrowing money that we don't have rather than just tough it out.

"I did a 6 mos note on my 24 at a lil less than 6% and b*tched about that. I cant even get a mortgage at fair rates with 50% equity and enough cash to pay it off the remaining in reserve. Stuck with two year balloons at 8%"

Doesn't sound like you paid cash either...so does that mean you couldn't afford it? Not at all...there are alot of reasons and benefits to finance.

thats what my calculator said and I had to check the batteries...:eek:

Actually I did, put the proceeds of the boat i sold to the new boat. Instead of cashing a CD for the difference borrowed against it to boost my credit, paid it off when the CD matured. Funny thing about credit is that your score will go down if you don't borrow. Still 12% blows my mind for 20 years on something that won't appreciate.

look guys this is now going the wrong way, yes it is VERY common to finance a boat for that long, and it is not that I am out of money but I am ttrying to cut out the payments that are making it tough each month. Please stay on course with this thread. My interest rate is around 9%. If you were to make some calls regarding long term loans on RVs and high end boats you will find that more people finance then pay in full cash, this is because if you get the right loan and you bought it at the right price ,in the past ,the way the economy was , then most people would only keep the boat a few years and sell it for what they owe or make a small bit of money, to move up.When I worked @ Powerboat mag, most people would say that they did not want to pay it in full because it was throwing too much money away on something that deprecated in value. The botom line is that there are two kinds of buyers cash, and payment.Pick your poision.My mom has cancer, we are taking care of her,I do need to sell the boat so I can pay her bills, she is much more important to me then a boat or my F***en credit, so I would let it go because of her only, if she wasn't sick I would be keeping the boat .I love it !I would just like to see it go to a person who would love it too, and all they would have to do is call me and we can talk about anything ,insurance , payoff, or if they want they can sell the damm thing after they want to move up , I dont care, this is just all about me helping my mom and cuting out something that I can longer afford because of the most f***ed up thing that has happened to me since my dad died 3 years ago @57 years old, mom is also only 57.
Thanks to you all and if I sound like an ******* ,I am very sory it just got me upset that this thread was changing directions.None of what I have written was or is directed to any person that is reading it ,it was just gearal thoughts.
Thank you,Rocky

Well said Rocky! I hope it turns out for you!

Ditto.
Heartfelt.

From what I've been told and from experience if you are more than two months behind the bank already see this as being foreclosed. So you have two choices. Make the payments current or let it go because if you sell it, the next time you go to buy a boat the bank will not loan you the money because they view a deliquency in payments of two months as a foreclosure.

State to state may be different, but in PA this seems to be the norm. However I could be wrong. I'd call the bank and see if you could do a stop payment.

Best of luck. ~ Rick

I spoke with Rocky a couple of times about the boat and my father looked at it in person at Havasu when we were in Scottsdale for Barrett Jackson.


Boat is in like new condition. We did not inspect the motors but the engines and drives looked to be kept in nice shape.

I love the look of this boat.


Rocky, Best of luck with the sale. If I speak to anyone looking for a twin engine boat I will be sure to pass along the info on yours.

Cheers,

Adam

Best of luck on the sale...Cancer sucks, lost my Dad the 17th of June. He beat it twice before and was beating it the 3rd time.

I can tell you that a bank looks very different on a borrower that got 60 days behind but caught up or sold the boat and paid off the loan than we do a borrower that simply gives it back.

You're statement could not be more wrong. A 60 day delinquency is a serious mark but if it's an isolated incident and explainable and everything else is OK, especially if the borrow has been in contact with the bank and worked on a solution it is a completely different than just ignoring calls and finally having to go out and repo something.

Plus the bank can't do any more to you if you call and keep in contact during a tough time and by talking to them up front, you may save you both some pain and money. Who knows maybe your banker is smart and knows that if you sell it they will get more for the boat than if they have to sell it, even if that means a loss.

It will depend on the bank and how they handle it plus your situation but again a will say a 60 day late is very different than a foreclosure or a repo.

Von Bongo is right. A 60 day late is just that, a late payment. HUGE difference between a late and a foreclosure.

Rocky, have you contacted the bank to see if they would do a short sale? That could help you move it faster.

Good luck.

Good luck with everything Rocky. Hope everything looks up for you man.

Whats bottom dollar price for the boat that the bank would take?

Yes, I would like to know what that figure is too. Something else. This same boat is listed on the Pantera's website, under the owners gallery. It is listed as the owner living in New Jersey. Pics of the boat on the classified list shows the boat reg. as New Jersey too. So that matches. But, the seller is claiming to be from CA. What is the real story here? Who really owns the boat (OK, the bank does), or should I ask, who has possession of the boat currently?
http://panteraboats.com/ownersgaller...ID=120&page=12

Rocky bought the boat from the original owner in New Jersey about a year ago I think. The boat was for sale for quite a while before he bought it. I think he is recycling some of the original photos.

Good luck with your Mom Rocky. Sorry to hear that is happening.

Rocky, I hope & pray your mother can pull through this..

Well I should restate what I said earlier.

In terms of a credit score, Yes it is different, however a 60 day late payment is percieved to be a foreclosure by the bank and without intervention a collection agency will assess their fees to what is owed to the bank.

My advice to him would be to talk to the bank to prevent this and to find out if making a extra payment to the following month's payments would be possible. Sell it ASAP. Or find a partner and share ownership.

Above all else........Protect your credit score. Everything is affected by your credit score. Car insurance, health insurance, interest rates, etc.

Yes I am useing some old pics and some that I took also, I used the boat very littel this summer, well it still is hot ware I live , today was 98.The boat is at my house here in So Cal. right in my driveway.It is perfect condition , I have over 6k into refreshing the motors and drives.The boat runs awsome, it is running in the 87-89 mph on gps right now, changing the props will get her 90+.As for the payoff it is alot -72k.I am wating to here from the bank regaurding a short sale price if they are willing to do that.
I will be returnig calls that have been made by a few of you guys tomarrow 10/09/08.It has been a long week and today was the longest so far.Sorry for the late call backs.
Thanks for the interest and kind words.
P.S I REALY OWN THE BOAT,WELL THE BANK DOES,I HAVE POSSESSION OF IT! PANTERAS WEBSITE OWNERS GALLAERY WAS NEVER UPDATED.

Thanks to all for reading my post.

I'm going to have to respectfully disagree with your statement.

I don't know which bank(s) you work(ed) for but in my 20+ years of finance and banking None of the instututions I've worked for, including my current one consider a 60 day delinquecy the same as a foreclosure.

Not even close.

And none of them ever turned an account over to a collection agency until after they had exhausted all collection work and charged off the loan.

I've made loans to people that have been 60 days past due with us at one time or another for various reasons, people and businesses.

I've never loaned a dime to someone we had to foreclose, repo, charge off or a bankruptcy where we incured a loss.

If the delinquecncy was a over a year ago with another lender and all paid before or since and current or paid off with them, assuming a decent reason, we over look it too.

Now if they are currently 60 days past due with someoen else and want a loan or recently 60+ days past due we aren't going to make a loan, without mitigating circumstances, but given a year of good payment it's easily ignored assuming credit was good before and since the issue.

I really think your information is incorrect...but then again I'm not your banker either.

Good luck Rocky with everything we know what you are going through, my wifes father just got diagnosed with lung cancer.

That's fine. I'm not claiming to be an expert, but my statements are base on facts.

Not being rude, and I do hope and pray for the strength to overcome your family health issues--------but, having stated what you owe on the boat loan, would it be correct in stating that you are "upside down" on what is owed? I believe that I have someone that would be interested in taking over the payments, however seeing that here in Michigan the boat would be in storage for close to 6 months before he could use it. You see my point. Perhaps a short sale is in order. What is the banks position on this?