AKBASSKING
Active Member
- Apr 13, 2008
- 4,649
- Boat Info
- 1988 Yacht Fisher
- Engines
- Twin 375hp Cat 3208 T/A
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.
+10:thumbsup: