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Selling my boat w/mo. payments
Ok, this may be really dumb on my part, knowing that if I sell my
house and carry the note and it defaults, I know they can't take the
house somewhere. But I've been offered a monthly plan with 15% down
on my $17,000 Regal. Payments for 4 years with 6% interest.
The person is a professional with a good paying job and I have
everything from him to check such as personal references, work
references, and rent references. He claims he's been a victim of
identity fraud and thus unable to finance through a bank.
My gut feeling is the guy is ok, my daughter says no. She says let
him fix the current financial problem, wait 6 months or so and if I
still have the boat, get him to try financing with a bank.
Anyone out there with an opinion? And yes, I would keep the title.
But there is the chance that he could just motor on down to Mexico or
whatever, right?
How easy is it to get away with boat theft? Do the hull numbers mean
anything? Could one simply trailer it to another state and get some
kind of registration?
Thanks for any insights and help on this matter.
Eddie |
Eddie
Jan 26
2006
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| Then he should have no trouble getting a loan for something as little as |
Bill
Jan 26
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| 15% is pretty minimal for a loan like this ($2500). I just looked up what my
credit union would charge on a good risk and that is 7.5% so let's assume a
bank would get 9% to 14% (depending on the bank and their view of the
particular borrrower risk). And there is the quality of the borrower ... you
say your gut says he is okay ... no lender would factor their gut into a
loan. Lenders are also able to cover a few losses over a lot of good loans. My guesstimate is that this is a fairly high risk loan at a below market
rate with a low down payment with no recovery from a potential loss. I would
grab it if I were a borrower and drop it if I were the lender. |
Mark
Jan 26
|
| Bad idea. When the romance with the boat ends, he may just say screw it -
and you would have a hard time enforcing payments for the rest of it.
Remember, the best scammers are the ones that make a good initial impression
on you. There are mechanisms to clean up your credit report - and it's not
all that hard. A fellow employee with the same name as his dad had similar
issues. His dad using his SS took out credit cards, loans, etc. It took this
guy 3 months to clean the slate. It could have been quicker if he pressed
it. Credit agencies are under a lot of heat to make sure identity theft doesn't
screw innocent people. Especially now. |
Dan
Jan 26
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| yes - dont do it. you dont have the resources to properly check him out and to be
honest, he could just take the boat to east funggoo, or a non-title
state, sell it and your out your money. if they guy cant come up with the money, toiugh. 17k isn't much for a
professional whatever to finance. |
Shortwave
Jan 26
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| Your daughter is very wise. If this is not a scam to ship your boat
overseas and he does have bad credit, his current financial problems are
most likely not the result of identity theft. |
Reggie
Jan 26
|
| Here's what I know. The reason this story is related, is that you just
can't trust anybody, even when they seem to check out. When my wife and
I moved from CA to GA, we owned a townhouse. We wanted to keep it, so
decided to rent it out. Out of several families, we were charmed by a
couple and their kid. We checked their jobs, both were employed by
Safeway as regional and store managers for the last six or so years. We
did a credit check, husband good, wife a little better than "good".
Asked if they could paint, and do general improvements with our okay,
etc. Seemed perfect. Did our legal homework, and wrote up a lease
contract with the help of a lawyer friend. Moved here, leased to them,
and after the first month's rent and security deposit, they turned into
deadbeats, and I mean DEADBEATS. Seems that they knew exactly how CA
law worked in regards to tenants. So, what happens is they ended up
paying one months rent, plus another months worth for security deposit,
for a total of two months. With CA law coddling tenants, they lived in
our townhouse for a total of EIGHT months, six of them totally free.
They KNEW what they were doing, even telling me so on the phone. I've
blathered on here to tell you one thing. Do not trust your instincts.
Don't even trust a credit report, it says nothing about one's
character. I don't know HOW to tell if someone is trustworthy. Just
make absolutely, positively that you have some for of quick recourse
that doesn't cost YOU. |
atl_man2
Jan 26
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| Good luck,, "Eddie" <hawaii-50@sbcglobal.net> wrote in message |
Thomas
Jan 26
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| Your daughter is right. People who have bad credit are one's who have
trouble disciplining themselves in most matters of their lives. Chances
are, he'll pay a couple of months and then flake for another toy. I'd wait for another buyer. -Greg |
Dene
Jan 25
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| I Agree With The Kid.
You Need A Security Net Of Some Kind. |
rEn
Jan 25
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| Assuming the guy's story is legit, (5% chance), and he's really an
honest, upstanding,
hardworking responsible person who only has cruddy credit due to
"identity theft," you still want nothing, nothing, nothing to do with
this transaction. Everytime the boat breaks or needs something replaced, count on hearing
"I can't or won't make my payment unless this repair gets handled...."
(That's in the unlikely event that he even intends to pay you at all). If you're going to have to fix everything that breaks, you might as
well keep it an enjoy it rather than let somebody else enjoy it while
he cons you into fixing it....and probably walks away from the whole
enchilada next fall or winter anyway. Be aware that there are a number of states that don't even require
boats to be titled.
If he hauls your boat to one of those states, he can get a
"registration" with nothing but a forged bill of sale from a fictitious
individual in another non-title state. He can then sell the boat to
somebody in that same state, and odds are that until and unless
somebody tries to register the boat in yet another state that requires
a proper title trail you would never hear from the guy or see your boat
ever again. Take it from a guy who chased probably about $1mm worth of automobile
collateral all over the country over a five year period of time- the
cops don't care and won't help you. Even *if* you can find the boat
following a default, the local police will tell you it's "a civil
matter" and do nothing to help you. (The good news is, if they know
what's going on in advance, they will often turn a blind eye while you
literally steal your own property back).
Then there's always the chance that the boat will be wrecked, if and
when you find it. Run, Forrest, run! :-) |
chuckgould.chu...
Jan 25
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| I would get more interest for the loan. Bad risks always pay more, and why
give a cheap loan on a boat? Also make the requirement that there is
insurance on the boat and you get a copy of the policy. Not liability, but
insurance that pays you if it is wrecked. Also do a credit check on the
guy. |
Calif
Jan 26
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| Titles for boats are not required in all states, so yes, he could register
it. If you do this, keep the boat until it's paid for. Eisboch |
Eisboch
Jan 26
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