Major problems with boat purchase! HELP!!

Gofirstclass said:
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.
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+10:thumbsup:
 
Financing isn't really an issue with the exception of the boat age. I have a huge credit score, or I could just pay cash. I just really want the dealer to honor the original deal.
 
joeycleland said:
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:
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I assume there is a signed Bill of Sale. On the Bill of Sale, it should say who sold the boat and who bought the boat. Was it the broker selling or the original owner selling? Brokers don't own boats (then they would be dealers), so if he is acting as a broker and you don't have a bill of sale from the original owner, you don't own the boat. Since the bank never cashed your check, they have no liability in this. It sounds like the broker totally screwed up in letting you take the boat home without having all of the financing and legal paperwork squared away. Hate to say this, but you may not own this boat right now. I'd beat the broker up and make him cough up some of his commission and then resolve it by finding financing yourself or "stroking the check" since you have the funds...if on the other hand, you DO have a signed Bill of Sale from the original owner AND financing was not a written contingency on this deal, the broker is really screwed.
 
mddickens said:
I assume there is a signed Bill of Sale. On the Bill of Sale, it should say who sold the boat and who bought the boat. Was it the broker selling or the original owner selling? Brokers don't own boats (then they would be dealers), so if he is acting as a broker and you don't have a bill of sale from the original owner, you don't own the boat. Since the bank never cashed your check, they have no liability in this. It sounds like the broker totally screwed up in letting you take the boat home without having all of the financing and legal paperwork squared away. Hate to say this, but you may not own this boat right now. I'd beat the broker up and make him cough up some of his commission and then resolve it by finding financing yourself or "stroking the check" since you have the funds...if on the other hand, you DO have a signed Bill of Sale from the original owner AND financing was not a written contingency on this deal, the broker is really screwed.
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I have a signed notorized bill of sale from the original owner to me.:grin:
 
mddickens said:
Sounds like you're the owner to me. I'll be interested to see how this works out!
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I agree if you have a signed notorized bill of sale the broker has to be sweating bullets right now....cause that is the only thing plus former registration you need to own this boat. Still waiting on phone call.
 
Like I said, I would make them work it out. Do the right thing as long as they make it right. Do not accept any BS from them. Just a fair deal like they agreed to.

You may want to call your lawyer just in case!
 
Good man! Now get-er done and go enjoy Aquapalooza at Lake Martin!

I wish I was going myself however we don't know anyone in Alabama.
 
UPDATE! Just talked to the dealership, They cannot (or will not) get me financed. They stated I should find my own paper or return the boat. Contacted my Attorney. Stay tuned! :smt024
 
You say your checks weren't accepted. Do you know for a fact that the the original owner was paid in full? Maybe he has been left hanging too.
 
surfinjoe said:
Likewise! Let us know how it all turns out. What waters do you plan on spending the majority of your time on? Have you had her out yet?
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Yes we actually had her out this weekend on lake Guntersville. Luckily the TVA and APCO have blessed us with many great lakes. Lakes Martin, Weiss, Guntersville, Logan Martin, Neely Henry, and Smith(my favorite) to name a few. Keep the smooth side down. :thumbsup:
Joey
 
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I financed my boat as well. I was looking at the interest I was paying and decided to pay it off. Didn't make much sense to pay thousands of dollars in interest. Now that money could be put toward boat toys or other stuff I want.

I don't know why my Dave Ramsey conscious let me do that in the first place.
 
joeycleland said:
Yes we actually had her out this weekend on lake Guntersville. Luckily the TVA and APCO have blessed us with many great lakes. Lakes Martin, Weiss, Guntersville, Logan Martin, Neely Henry, and Smith(my favorite) to name a few. Keep the smooth side down. :thumbsup:
Joey
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So I suppose if you had it in Guntersville you bought it in Guntersville from a certain dealer there!!!! If so I feel your pain even worse cause that is where I bought mine from and there was a certain salesman there that had mine brokered and I refuse to deal with....hate the one guy I like there had to split the commision and I wouldn't let them finance me I used my own credit union.
 
DustinL said:
So I suppose if you had it in Guntersville you bought it in Guntersville from a certain dealer there!!!! If so I feel your pain even worse cause that is where I bought mine from and there was a certain salesman there that had mine brokered and I refuse to deal with....hate the one guy I like there had to split the commision and I wouldn't let them finance me I used my own credit union.
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Actually the boat was bought in Georgia...
 
Good cause the guy I am reffering to is a piece of work....he should be beaten with a Mack truck!!!
 
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