Selling my boat...Is this a scam?

[JonPM]

Hey all, so I'm trying to sell my boat and I have one person who is interested. However, he can only give me half up front and the rest in monthly payments. Is this something I should go for? I don't know the person whatsoever. Assuming all the paperwork is in line, how risky is this? Any advice would be appreciated.

 

[tashasdaddy]

Re: Selling my boat...Is this a scam?

Risky as hell. even if you knew them. when you sign it over to them, you would put a lien of the title, just like a finance co. does with the car title. but, trying to collect when he crashes it, is a PITA. also, if you don't not transfer title then you are 100% responsible for the boat, and liability in an incident occurs. so really all you can really count on is the down payment. tell him to go to the bank, or credit union, uncle charlie, and get the loan for the rest. if he can't get a loan there, you don't want him as a credit risk either.

 

[bomar76]

Re: Selling my boat...Is this a scam?

For the reasons above and 100,000 more it is a horrid idea.

 

[Millerman]

Re: Selling my boat...Is this a scam?

Run like hell away from that deal!! As soon as you agree to enter a payment arrangment with him you will have to jump through hoops to try and collect. If he chooses not to pay you have to try and prove he did it intentional (here in ontario anyways) which is next to impossible. Then if you do win in the courts you then have still try and collect. Repo the boat, Garnish wages jusy a plain old PITA. Like just said if he can't borrow the $ from a bank or relative you don't want anything to do with it.

Just my 2cents

Dan

p.s. Good luck on the sale of your boat.

 

[SpinnerBait_Nut]

Re: Selling my boat...Is this a scam?

Stay away from that deal. This time of year, more buyers will be around.

 

[thefairlaneman]

Re: Selling my boat...Is this a scam?

The only way to protect yourself in a deal like that would be to require the buyer to give you something to HOLD as colateral untill its paid in full. like his car or his house, jewels diamonds etc etc. but that ant goin to happin. NO MONEY NO DEAL

 

[dcg9381]

Re: Selling my boat...Is this a scam?

Hey all, so I'm trying to sell my boat and I have one person who is interested. However, he can only give me half up front and the rest in monthly payments. Is this something I should go for? I don't know the person whatsoever. Assuming all the paperwork is in line, how risky is this? Any advice would be appreciated.

First:
1) Make sure it's well advertised and give it some time, like a month. We're still early in the season in most parts of the US.


I 2nd the notion that it's a bad idea to take unsecured payments, especially on a boat. Now, with that said, if you think that this is going to be one of the rare opportunities that you have to sell it, consider doing one of the following:

1) Have him secure the "payments" with something of real value - like a registered lien on a motor vehicle.

2) "Lease" the boat to him with a balloon payment - that is draw up a contract where the boat is a lease. He's paying 1/2 down for the option of the lease, if he makes all of his payments 100% in full and carries full comprehensive insurance, he's allowed to purchase the boat at the end of the lease for $1. Also, have your self named as one of the "insured" parties so you can inquire about insurance status and you're the party that gets paid if the boat is totalled. There's a dealer in my area that's doing this quite successfully - mainly to people with bad credit - selling sport boats at above market rates. He puts additional restrictions on the lease - engine hour limits and inspection periods. It's a decent deal because he retains ownership of the boat and can recover it for non-payment. The lessee's are financially invested with 50% down and know they'll lose it if they don't keep up with payments....


As with everything else, the more "creative" the financing the bigger a pain it is...

 

[Bondo]

Re: Selling my boat...Is this a scam?

Ayuh,.....

Unless You're a Banker,+ your Bank is doing the lending,......

Tell the guy, Thanks,..... But No Thanks.........

The Odds are you only see the money Down,+ No More.......

 

[D445547]

Re: Selling my boat...Is this a scam?

I agree, don't do the deal. I did a similar deal on a Jeep I sold but only because a lot of trustworthy friends of mine said he would be good for it, and he was.
However if he didn't pay it would be my dime and time trying to collect. Your not a bank and if he's not giving you interest on the loan why is it worth your time? BTW my deal was only for $500 that the guy had to pay later from $9500. He gave me $9000 down so it was a good deal for me to sell the Jeep and MAYBE be out $500. For you, not so much.

 

[JB]

Re: Selling my boat...Is this a scam?

Would you lend money to a guy the bank wouldn't lend money to?

 

[oops!]

Re: Selling my boat...Is this a scam?

read...sold a boat and it busted........all 30 pages.

and then imagine yourself trying to collect money......

i get more excited over taking a little less money and being paid in full than taking a partial amount and having risk......

my friend...in answer to your question...."is this a scam"...it could be

cheers
oops

 

[BF]

Re: Selling my boat...Is this a scam?

Would you lend money to a guy the bank wouldn't lend money to?

I think that almost says it all... and who (in their right mind) would expect a seller to give up their vehicle to a stranger with the promise that "I'll pay the rest I owe you in payments" ??

Either they are extremely naive, or they are hoping that you are.

 

[KeyWestBoater]

Re: Selling my boat...Is this a scam?

Absolutely not. Don't even think about it. Someone else will pay you in full.

 

[seven up]

Re: Selling my boat...Is this a scam?

I've done this arrangement with a '65 impala ss ragtop. Like the "layaway" at wallyworld. When it's paid for you can touch it, have it, drive it, it's yours. It worked.


Enjoy

 

[5150abf]

Re: Selling my boat...Is this a scam?

Just in case you need one more to make up your mind, if he doesn't have the money now how is he going to get it after he buys a new boat?
Especially with the economy the way it is, no way would I sell without cash up front.

 

[fishmen111]

Re: Selling my boat...Is this a scam?

I will give you a cashiers check in full payable through the Nigerian Natioal Bank. Just kiddin' Jon. It is probably not a scam, but it is a very high risk proposition that I would steer clear of. As the guys before me stated, we are just getting into boating season and another buyer will come along.

 

[tashasdaddy]

Re: Selling my boat...Is this a scam?

seven up
Petty Officer 2nd Class
Default Re: Selling my boat...Is this a scam?
I've done this arrangement with a '65 impala ss ragtop. Like the "layaway" at wallyworld. When it's paid for you can touch it, have it, drive it, it's yours. It worked.

this is the only way i would do it. once paid then it moves.

 

[ebry710]

Re: Selling my boat...Is this a scam?

I does hurt for that guy to ask for such of deal, but unless the other half of the payment is just "gravy" profit, it doesn't hurt for you to say "no".

 

[sickwilly]

Re: Selling my boat...Is this a scam?

With the deterioration in the credit market, you will see more people unable to secure financing that they could have obtained one year earlier. It's for a good reason.

 

[External Combustion]

Re: Selling my boat...Is this a scam?

If he can not afford the boat, how is he going to afford the fuel? If he can afford the fuel he can pay all of the boat up front.

Toy transactions should always be done in cash. Toys are not needed, just wanted.