Major problems with boat purchase! HELP!!

joeycleland said:
Thats I really want is to hold up their end of the contract
Done and done! :thumbsup:
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What is their end of the contract? What are you after? Were they quoting some great terms that influenced your decision to buy? If you shopped your own loan and couldn't match it are you thinking that's what you're being shorted? It seems strange they aren't telling you exactly what the problem is with finding financing. The way you present this story their efforts to resolve the situation make no sense especially if they a paid off the previous owner in full. I must be missing something.
 
Woody said:
What is their end of the contract? What are you after? Were they quoting some great terms that influenced your decision to buy? If you shopped your own loan and couldn't match it are you thinking that's what you're being shorted? It seems strange they aren't telling you exactly what the problem is with finding financing. The way you present this story their efforts to resolve the situation make no sense especially if they a paid off the previous owner in full. I must be missing something.
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The reason we decided to finance through them was mainly out of convenience. The terms were about average, but the main advantage was they they were willing to finance a boat more than 7 years old. I sure with a little more digging we could find a company willing to do that (BoatUS comes to mind) The reason we are being turned down is because we are financing it completely in my wifes name(for credit building purposes) and her debt to income ratio isnt low enough. We pride ourselves in the way we handle our credit (both have 800+ credit scores, but all of that is irrelevant. We were told we were approved, we had a trailer built. the contract was final with certain terms. We have honored our end of the contract and because the dealer screwed up their paperwork they are wanting us to return the boat. I'm sorry but their shoddy paperwork isn't my problem. I suspect the real reason they want the boat back is because we negotiated a hell of a deal with a motivated seller (roughly 8K under KBB value) and if they get it back and flip it they will make a huge profit. I signed a contract, I expect the dealer to honor that contract. Is that too much to ask?:huh:
 
joeycleland said:
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
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Does not look good if they can't get financing. You will have to come up with the money.

The attorney can't help you keep the boat without paying for it nor can he force them to finance it.
 
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You own the boat with registration in hand, the owner has been paid. The broker should be offering everything possible to get you financed because at this point there's nothing to finance except your willingness to do the right thing.

I commend you for your integrity in the matter but it is now on the broker to make this right. If the repo man shows just show him your unencumbered registration. Chances are they won't get anyone to pick it up as you could claim grand theft. (That registration thingy again). They have no paperwork to show ownership.
 
JimG said:
Does not look good if they can't get financing. You will have to come up with the money.

The attorney can't help you keep the boat without paying for it.
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If I co-sign with my wife, it will get approved, but your missing the point. They agreed to the original terms in writing. They should honor what they said they would. Am I wrong?

Joey
 
UPDATE! Dealership just called and said they have financing arranged with BB&T. Faxing paperwork. Consulting with attorney at 2:30 to discuss options. :smt038
 
If you got the financing what options are there to explore that would require wasting money on a lawyer?
 
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joeycleland said:
UPDATE! Dealership just called and said they have financing arranged with BB&T. Faxing paperwork. Consulting with attorney at 2:30 to discuss options. :smt038
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Ok he just called me back is the number you PM'd me the one you want me to contact you. Good thing they got the finacing cause according to him you DON'T own it. The bill of sale and registration doesn't mean anything.
 
DustinL said:
Ok he just called me back is the number you PM'd me the one you want me to contact you. Good thing they got the finacing cause according to him you DON'T own it. The bill of sale and registration doesn't mean anything.
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If a bill of sale and registration doesn't mean anything and you haven't titled the boat either through your state or the Feds, then how do you show that you own the boat? Mine is documented with the USCG, but in the case of smaller boats, what is there?
 
mddickens said:
If a bill of sale and registration doesn't mean anything and you haven't titled the boat either through your state or the Feds, then how do you show that you own the boat? Mine is documented with the USCG, but in the case of smaller boats, what is there?
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That is how mine is done through the CG. The way most banks are lending now (in this area) is basically a marine mortgage. Some cases are different. Usually 26' and up have to have documintation as far as some lending institutions are concerned. Unfortunatley in this state we don't title boats and I highley disagree with that. Example : that is all some people have to show they own the boat if there is no lien or not documented. I can list a boat for sale as long as I have a copy of the registration. I can forge a bill of sale hand you the copy you take it to the courthouse and register it and the boat is in your name and you think you own it. Meanwhile said PO reports boat stolen it gets located you go through the hassle boat gets returned to po and your out the money IF you can prove you didn't steal it or come up with the guy who sold it to you. It sucks but that is the way it works as of right now in this state and some others. The Styker I bought in Cullman I thought was a fishy deal so I took the HIN and contacted the state and CG to run the number. CG took longer but it came back the guy I was buying it from didn't own it. He had never put the boat in his name when he boat it. Luckily he produced previous bill of sale and registration and I contacted the original owner. He did confirm the sale to this guy. It does happen that is hard to believe but it does. We need a better system for this. Luckily it looks like he got his situation worked out on his new boat.
 
Dumb question but did you see if there was a ucc 1 filed on the boat originally or when you purchased it. Also if there was a UCC 1 filed has a UCC 3 been filed to release it?
 
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Joey, though all this I notice a couple of things that seemed to jump out at me.

First, you have not said what your attorney friend advised you to do.

Second, joint credit builds credit in both names, not just in one name or the other. If you were to both sign on the dotted line to buy the boat, you both will have the benefit of building credit.

If, as you say, you both have 800+ FICO scores, why is it important to you that your wife build credit??? Just wondering..........
 
RollerCoastr said:
I was wondering the same thing. If her debt:income is already an issue, wouldn't a boat loan LOWER her score?
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also wondering this, borrowing even more money isnt going to build an .800 credit score.

who cares anyways, build wealth not credit. isnt the point to get more money not less? credit score just means your really good at borrowing money.
 
Gofirstclass said:
Joey, though all this I notice a couple of things that seemed to jump out at me.

First, you have not said what your attorney friend advised you to do.

Second, joint credit builds credit in both names, not just in one name or the other. If you were to both sign on the dotted line to buy the boat, you both will have the benefit of building credit.

If, as you say, you both have 800+ FICO scores, why is it important to you that your wife build credit??? Just wondering..........
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Attorney advised us to take the new loan. but get it in writing that we will not be held to the original loan contract.

Both would be building credit yes, but I bought our last "Toy" our fifth wheel camper and we alternate back and forth. Who purchases what so that both our credits dont get "pinged" with credit app at the same time. Its the system we have used and its working so far.

We are trying to get to 850!

We do very good at managing our money, and if you dont like our methods that's cool. You dont know my situation and i dont know yours. Financing it under her is what works best for our situation. It has worked in helping us get both our cars paid for and our house will be within 10 years. I just came here looking for advise on a boat deal gone bad, not on critiquing me on my financial situation. Thats the way it is, and if you dont like it, I'm sorry we don't see eye to eye.

Joey
 
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