Boat Club sells owner's 28 foot Sea Ray without his knowledge

First of all, what were they thinking getting into this deal?

Second, WHY would they not keep their insurance on the boat? They could have reported it stolen and had the loan paid, at least most of it.

Third, with this type of deal would they not still have liability if someone in the "club" used their boat and ran over & killed someone? They are (were) the legal owners. I can't see opening myself to this type of liability.

Fourth, WTF?
 
Bizarre...
 
I'd get a P.I. to search every state's records- that HIN has to be registered somewhere...

Then I'd go get it and take it home.
 
Wow, that happened at my Marina (Im at the Julington Creek one) but before I was there. Crazy, but then again the thought of letting someone use my boat Ive never met is even crazier.
 
I'm still banging my head on the wall over that deal .
What the heck were they thinking ??
 
Sounded like an absolutely stupid deal to begin with... then it took a turn for the worse... big surprise...
:smt021
 
someone needs there head thumped.:huh:
I just don't know who
the owner or the crook's
Damn thats DUMB
 
I don't like the idea of anybody else using my boat. I can't imagine allowing a friend to "borrow" my boat for a day let alone total strangers. Imagine what they would do in your cabin.?
 
Stop paying on the boat and tell the bank they can repo it. When asked where it is tell them thats what you would like to know. If they can find it they can have it.
 
I had a bad deal on a mechanic lien purchase. Bought the boat for $5000.00 at the auction. All legal, except I also bought a $43,000.00 mortage. Had to "buy out" the mortage to get the documentation deleted just to get a Texas title. After negotation with the bank I was able to buy out the mortage for $2500.00. Mortage goes with the boat. My story was a horror story and it all goes back to whom you buy it from. My guy was a jerk. Lesson learned.
 
sherman said:
I had a bad deal on a mechanic lien purchase. Bought the boat for $5000.00 at the auction. All legal, except I also bought a $43,000.00 mortage. Had to "buy out" the mortage to get the documentation deleted just to get a Texas title. After negotation with the bank I was able to buy out the mortage for $2500.00. Mortage goes with the boat. My story was a horror story and it all goes back to whom you buy it from. My guy was a jerk. Lesson learned.
Click to expand...

Here a mechanics lien is gold, the bank loses it's lien if I auction off a boat, car motor home because I have a mechanics lien on it. Back in the 70's I got a Cobra for less than $1,000.00 the bank had a lien on it but did not have anyone bid on it when we auctioned it off. Most banks or loan companies here will pay the lien if they are aware a mechanics lien has been put on the item. I once put a lien on a guys car over his deductible he stiffed me on. The lien was for $500.00 when he lost the car to the bank they had to pay me out to get a clean title. A mechanics lien is a very powerful tool.

Ken
 
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