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.

 

Hey, I would Chain up the Boat and put a "No trespassing sign" up. Lock & Load

 

Hey, I would Chain up the Boat and put a "No trespassing sign" up. Lock & Load

Now that's funny!:grin:

 

Possession is 9/10 of the law. Make the dealer find you financing. Do you have a title on the boat?

 

Boats are not titled in my state, however it is registered to me. With no Lienholder BTW...:grin:

 

I agree with others. Stand your ground and enjoy your boat. Keep your receipts. Make the dealer do their job.

 

In the meantime, keep making your payments as per your original agreement.

 

To who? the original bank? The dealer?:huh:

Joey

 

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.

 

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:

 

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?

 

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.

 

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.

 

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:

 

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 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.

 

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.

 

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.

 

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!

 

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.

Thats I really want is to hold up their end of the contract

You may want to call your lawyer just in case!

Done and done! :thumbsup:

 

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.

 

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.

Well you do now! Nice to meet ya! :grin:

 

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

 

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.

 

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.

 

Yes, I know he has been paid...

 

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.

 

Good cause the guy I am reffering to is a piece of work....he should be beaten with a Mack truck!!!

 

:smt038:smt043

 

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.

 

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

 

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.

 

If you got the financing what options are there to explore that would require wasting money on a lawyer?

 

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Why you hatin' woody? :huh: Just want to make sure that all the new paperwork is in order. Whats wrong with that? PS We know the atty. Its free!:grin:

 

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?

 

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..........

 

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..........

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

 

I was wondering the same thing. If her debt:income is already an issue, wouldn't a boat loan LOWER her score?

 

I was wondering the same thing. If her debt:income is already an issue, wouldn't a boat loan LOWER her score?

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.

 

Thanks for sharing Joey.

I hope you made the dealer give up a little more...

 

Thanks for sharing Joey.

I hope you made the dealer give up a little more...

thank you, and we are working on it...:thumbsup: