Need advice on how to sell or walk away from my boat

Discussion in 'General Discussion' started by Sea Ray Anonymous, Jul 18, 2012.

  1. Bucit

    Bucit New Member

    Mar 12, 2010
    St. Petersburg Florida
    2005 280 Sundancer
    2004 SPD-104 Achilles w/ 8hp Yamaha
    Twin 4.3 MPI's with Alpha drives.
    If they "forgive" the difference then you WILL pay taxes on it. That's how a lot of people get in trouble and end up with an IRS Judgement against them.
     
  2. Pack66Dad

    Pack66Dad New Member

    Aug 26, 2010
    Browns Point, Washington
    1997 41 Convertible
    Caterpillar 3126 Diesels
    Try advertising it in Australia. I sold my 2010 Glastron GS249 for over $20,000.00 more than anyone here would give me.

    Its worth a shot, it worked for me.
     
  3. Henry Boyd

    Henry Boyd Well-Known Member GOLD Sponsor

    Apr 24, 2007
    Newburyport, on the peaceful and serene Merrimack
    ‘09 Sabre 38 Hardtop Express “Serenity”
    Volvo D6 w/IPS450 Pods
    I've worked in the leasing industry for a number years (cargo containers and port equipment) and this is just not do-able for a one off deal. Legal bill for a well written lease document is usually in the range of $ 50,000 to $ 100,000. I'm working on one project now involving a crane lease financing and the legal bill will probably be more than $ 100k and that is just for modifications to the lessor's standard lease document. There are a lot of other issues as well. Simply put without economies of scale you just can't do it.

    The M&R responsibility is a matter of contract it can be on either party. But it will be a bone of contention. The concern about smoking an engine while under contract is real, but its not the worst case. The worst case is the motor going south after the contract is over. In the first case you still have some recourse against the lessee, in the latter you are on your own.

    There should also be more insurance, specifically covering the boat lease and liability coverage for what the lessee might do to somebody else. If the lessee kills somebody, their estate is going to sue the lessee, and you as the owner. That is the time you do NOT want to be explaining to your insurance company about this arrangement.

    I'd say don't try this, you may find yourself in a worse mess.

    Henry
     
  4. villain style

    villain style Well-Known Member SILVER Sponsor

    Oct 10, 2006
    Mears Point Marina Kent Island, MD
    2006 44 DA
    QSC 8.3s
    Cummins QSC 8.3s 500HO
    Would it be possible to try and sell 1/2 to someone else as a partner or even to 2 others for 1/3rd ownership???
     
  5. tdschafer

    tdschafer Well-Known Member

    Aug 24, 2009
    Long island , NY
    1997 330 sundancer
    twin 454's, Carb, V-Drives
    Interesting.....no word back from the op yet. Hhhmmmm.
     
  6. rondds

    rondds Well-Known Member SILVER Sponsor

    Oct 3, 2006
    Jersey Shore
    2001 380DA
    Merc 8.1s (2008)...Hurth ZF 63 V-drives...WB 7.0 BCGD (2013), Garmin 8208 & 740 MFDs, GMR 24xHD dome
    Todd...just thinking the same thing as I read what I had missed today. Troll?
     
  7. Aquarius

    Aquarius New Member

    166
    Oct 11, 2007
    South by South
    310 Sundancer 2007
    350 Mags V Drives
    Sell house, live on boat...easy as pie:)
     
  8. Iprof

    Iprof Member TECHNICAL Contributor

    816
    Aug 8, 2008
    Lake Simcoe
    A 300 DA 4kw Gen-set, central vac, electric head, windlass, AC/reverse heat, Lowrance 522ci GPS Char
    twin 5.7 with Alpha drives
    The joint ownership would work but who wants to pay more than the market value for the boat. He's upside down in the boat so a 50/50 on the going price has a guy pay him $25,000.00 but he still owes $45,000.00 that he can't afford and who wants to go into a partnership with a guy that can't pay his share. This might work if you find someone that wants to come in with no money and they pay $25,000.00 off over the term of the loan, this would lower your monthly payments but it might not be enough for the OP.

    I had a relative that turned a car back in because they could not afford the payment anymore, the credit card companies said they were now a bad risk and increased the monthly interest charged, when it cam time to renew the mortgage same thing bad risk higher interest rate. Protect your credit rating, it does not take much to effect it and it can become costly.

    Ken
     
  9. nancy wallace

    nancy wallace New Member

    1
    Nov 7, 2017
    boatless
    boatless
    Selling your boat isn't always the only option. I think donating the boat would really help you be able to "walk away" from the boat. It'll give you the great feeling of knowing that you were able to contribute to a good cause. Plus when you donate you don't have to worry about selling it. If you're interested in donating I would recommend looking into Boats 2 Charity's program. They accept boats in all sorts of conditions, as well as of all types of boats. They only require you to submit this form, they actually send someone out to pick it up from wherever the boat is located that way you don't have to worry about moving it on your own. They're always willing to answer any questions you may have their number can be found on their web site. Hope this helps :)
     
    Z-Worthy likes this.
  10. BillK2632

    BillK2632 Well-Known Member GOLD Sponsor

    Jun 25, 2009
    Lake Norman, NC
    1999 185 Bowrider,
    Mercruiser 4.3, Alpha I
    Sorry to hear and unfortunately you don't have many options. DO NOT do a short sale, it's going to wreck your credit and the amount the bank let's you "short" will be considered taxable income like others have said. Only option I see for you is a home equity line if you have one or can get one. Of course there will be a payment on that, probably just interest, but still some sort of payment.
     
  11. Steve S

    Steve S Active Member GOLD Sponsor

    930
    Jun 5, 2007
    Northern IL.
    2000 400 Sedan Bridge with twin CAT 3116's

    2000 340 Sundancer - SOLD!
    210 Monaco 1987 - SOLD!
    Twin Caterpillar 3116's 350 HP straight drives
    Bill you do realize that this is a 5 year old dead thread that a newbie responded to? And the OP has not been seen since then....
     
  12. BillK2632

    BillK2632 Well-Known Member GOLD Sponsor

    Jun 25, 2009
    Lake Norman, NC
    1999 185 Bowrider,
    Mercruiser 4.3, Alpha I
    Well I do now! I would guess it is resolved by now.
     
    Steve S likes this.
  13. KevinC

    KevinC Well-Known Member

    Feb 25, 2011
    Long Island, NY
    2004 340 Sundancer
    1988 Proline Center Console - 90hp Mariner/Mercury
    1969 Boston Whaler
    Twin 8.1 V-drives
    Doesn't sound like this would help his situation. He's trying to find a way out of being upside down on a loan and preserving his credit. Giving a boat away to a charity while still owing 75K might just make him a higher credit risk than defaulting. If this was an "unsellable" boat with value and it was paid off then this might be a consideration.

    -Kevin
     
  14. KevinC

    KevinC Well-Known Member

    Feb 25, 2011
    Long Island, NY
    2004 340 Sundancer
    1988 Proline Center Console - 90hp Mariner/Mercury
    1969 Boston Whaler
    Twin 8.1 V-drives
    I would try to raise as much money from friends and relatives at near 0 interest to see if you could bridge the gap selling under market. I would also cut back 100% on all discretionary spending. I would look to sell anything of value you own to raise funds. Paying back $20K over a long period of time would be simple once your regular payments, operations and maintenance expenses are gone for this boat.

    Its going to be a hard time but your wife is right - your credit rating today is too important to risk. Eventually you will come out the other side of this hard time and having a good rating will allow you to accelerate the recovery.

    -Kevin
     
  15. NorCal Boater

    NorCal Boater Well-Known Member SILVER Sponsor

    Jan 24, 2008
    Covington, LA
    Cobalt CM23
    GM SB 383" Stroker" Alpha Gen I
    Guys....look at the dates
    Guys....look at the dates, this thread is 5 years old. Great advice but a little late.
     
    Steve S likes this.
  16. tdgard

    tdgard Member

    342
    Jun 4, 2013
    Atlanta, GA
    05-270 Sundeck
    496 w/Bravo III
    Bet I can get that boat for even less now.
     
  17. NorCal Boater

    NorCal Boater Well-Known Member SILVER Sponsor

    Jan 24, 2008
    Covington, LA
    Cobalt CM23
    GM SB 383" Stroker" Alpha Gen I
    No doubt
     
  18. Quint4

    Quint4 Well-Known Member TECHNICAL Contributor SILVER Sponsor

    Oct 6, 2006
    S.W. Ohio
    330 Sport Bridge (Sold)
    5.7 MPI 350 Merc Bluewaters
    We have a resurrection.
     
  19. RollerCoastr

    RollerCoastr Well-Known Member

    Nov 15, 2007
    Cedar Point, OH / Miami, FL / MacRay Harbor, MI
    1997 400DA
    340HP 7.4 Mercruiser Bluewaters
    Garmin 741, 742, 8212, 24HD, Intellian I2
    1999 280BR
    Twin 250HP Merc 350 Alpha Ones
    Huh. Scan the web for people down on their luck, reply to an old thread with a ridiculous suggestion? I had no idea "charity trolls" existed...
     
    tdschafer likes this.
  20. The Bill Collector

    The Bill Collector Well-Known Member GOLD Sponsor

    Jun 2, 2008
    Tacoma, WA
    450 Sundancer
    3126 Cat's
    LOL............
     

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