Major problems with boat purchase! HELP!!

joeycleland

New Member
Jan 13, 2011
42
Alabama
Boat Info
2003 240 Sundeck
Engines
5.0 MPI, Bravo III
It is an incredibly long story but I will try to make it short as possible so here goes,

1. Find Used Brokered 240 Sundeck at a major national dealer.
2. Get good deal on above boat, pay 1/3 cash down payment, and sign papers
3. Have new Aluminum trailer built for boat
4. Drive home as happy boat owner
5. Stop by west marine and buy lots of goodies for new boat
6. Dealership pays original owner
7. Register boat in my state, pay taxes and get hull numbers
8. 1 month later get call from dealer saying they need a copy of the signed credit app.
9. 1 more week later get call from dealer saying they need a copy of my pay stub..
10. 1 week later get call from dealer saying they are having trouble finding financing.(I had already sent my first payment in to the bank on the contract)
11. Get call from finance guy at dealership acusing me of lying about my income. (idiot was reading net pay not gross pay off W-2)
12. Go to dealership and speak firmly with General manager (he was very apologetic and promised to get it resolved asap, apologized for idiot finance guy)
13. 2 weeks have passed and they still do not have anything arranged!

This is where we are now. Any advice?:huh:
 
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That is odd.

Did they accept your first payment (cash the check)? That's usually a sign of a "done deal".

Maybe the original bank is selling your loan. :huh:

I'm thinking they will work it out since you have already taken ownership and registered the boat. :thumbsup:
 
That is odd.

Did they accept your first payment (cash the check)? That's usually a sign of a "done deal".

Maybe the original bank is selling your loan. :huh:

I'm thinking they will work it out since you have already taken ownership and registered the boat. :thumbsup:


No the bank did not accept the check. They have completely backed out of the deal.
 
Possession is 9/10 of the law. Make the dealer find you financing. Do you have a title on the boat?
 
I would work with the dealer but make them find you financing at the origional interest rate promised. This is really THEIR issue. And we all know that time is money....

Good luck and enjoy your new boat!

Boats are not titled in my state, however it is registered to me. With no Lienholder BTW...:grin:
 
How did they release the boat without the bank paying the balance? I don't get it. I guess the dealer basically bought the boat? If so, tell the dealership if they can not find financing they can hold the note and make your payments to them.
 
The signed credit app request is not related to the dealer. It is a result of the new laws enacted after the last home mortgage breakdown.

Can you get a personal/home credit line at your bank?
 
How did they release the boat without the bank paying the balance? I don't get it. I guess the dealer basically bought the boat? If so, tell the dealership if they can not find financing they can hold the note and make your payments to them.

Thats the funny thing, I think they thought they had financing all setup and stroked a check to the original owner. The bank said you forgot paperwork "x" so it didnt go through. This left the dealer holding the bag (financially). The problem is they already sold it to me and I have clean registration on it. Technically they never "owned" the boat as it was a brokered deal and it was transferred directly to me. Quite a puzzle..:lol:
 
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The signed credit app request is not related to the dealer. It is a result of the new laws enacted after the last home mortgage breakdown.

Can you get a personal/home credit line at your bank?

I can stroke a check to them right now for the full amount, but I don't want to. If I have to find my own paper after all this its going to cost them. I think they should just have to eat the broker fees (the difference between the price I paid and they amount they cut the original owner) because of the crap they have put me through.
 
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Yup, I agree. They shouldn't make money on a botched deal like that.

I can stroke a check to them right now for the full amount, but I don't want to. If I have to find my own paper after all this its going to cost them. I think they should just have to eat the broker fees (the difference between the price I paid and they amount they cut the original owner) because of the crap they have put me through.
 
I hope the dealer is not playing games.

I once had the "privilege" of learning some of the sleazy things that car dealers do. My friend became good friends with General Manager of a sleazy dealership in NJ. Their credit guy was telling us how they would sell cars to people at a certain interest rate and then let them turn in their old car and drive the new one off the lot. About 1 week later they would contact the purchaser and tell them that their credit fell through and they need to either go with a more expensive loan or return the vehicle. I didn't think they could do that, but this sleaze bag told me that they did it all the time. Your situation sounds very similar. Consider contacting your state banking agency.
 
Ahhhh the ol' Puppy Dog Close. This is very common among car dealerships. They "roll the car" (their terminology) by letting you take it home without first having secured financing. The dealership figures it's going to get financed so there's no problem.

Then the bank comes back and wants more money for down payment, higher rate, higher monthly payment, etc.

It sounds like the dealer really screwed up in letting you take the boat, then getting it titled in your name, without first confirming that the financing had been approved.

I'm not sure about AL's banking laws, and probably nobody else on here knows what they are either, but the first thing I would do is contact an attorney and find out what your LEGAL rights are. Everyone on here is just posting their opinions and you need to find out where you stand LEGALLY.

I think the dealer is at significant financial risk here, but you should find out for sure what your options are before you do something that could get you in legal trouble.
 
I really dont believe that the dealer intended to screw me on the deal. (they are a MAJOR dealer network). I think they just royally screwed up and can't figure out a way out of it. They are in a hell of a pickle because.

1. I Legally have claim to the boat
2. They cant sell something they dont own
3. I have already invested over 4k in this boat in upgrades and add-ons I bet they are legally responsible to reimburse me for if they screwed up.
4. THEY Registered it to me in the state of alabama with no Lienholder
5. They have no current Power of Attorney to switch it back
6. They have no Bill of sale from the original owner (which I have a signed notorized copy selling it to me)

I hope I dont forget where I parked it... :grin:
 
I feel for you as this is a bad situation. I do agree with GoFirstClass. I would find your legal stand point first. Unfortunatley in Alabama we don't title boats (wished we did). I placed a call to my father who is a yacht broker certified in this state as well as others. He was showing a boat at the moment and said he would called me back. I am going to advise him of the issue and see what he says you should do. All the suggestions sound great but it isn't as easy as that. Hopefully the dealership will work with you on this. Have you looked into going and getting your own financing instead of dealing with the dealership. A broker deal is just that ....they sell the boat for the seller for a profit and that is about the long and short of it. Registration in this state doesn't change just the undersigned owner the boat will carry the same registration. That doesn't mean you own it. It just means you are the person it is registered to. As far as the items you bought or upgraded....HOPEFULLY the dealership may work with you on this if the deal fails....I hope to hear back from my dad within the hour and have some more answers. I have seen this happen before to come out good and come out bad. Not trying to kill your hopes just giving you the reality of it. if your not logged on I will send you a PM with my number to get you some answers.
 

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