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View Full Version : This belong to anyone here?


Loffgren
10-07-2008, 10:29 AM
Saw this yesterday in Dixon Ca, had Washington plates... New toy?

jbfootin
10-07-2008, 10:41 AM
I wish:rolleyes:

bainez23
10-07-2008, 10:55 AM
looks like a repo

zberger
10-07-2008, 11:39 AM
looks like a repo

ditto :(

sucks for them.

jixxxer
10-07-2008, 11:45 AM
Have heard theres alot of that going on with wake boats:(

flipper
10-07-2008, 11:51 AM
X3 on the repo

Sodar
10-07-2008, 11:52 AM
Have heard theres alot of that going on with wake boats:(

What? You mean 23 year old kids going out and financing $80k toys with 30 year loans are having problems keeping their boats? I never would have expected it! :rolleyes:

bcampbe7
10-07-2008, 12:01 PM
What? You mean 23 year old kids going out and financing $80k toys with 30 year loans are having problems keeping their boats? I never would have expected it! :rolleyes:

Don't forget the Escalade that they financed for 10 years.

6ballsisall
10-07-2008, 12:02 PM
What? You mean 23 year old kids going out and financing $80k toys with 30 year loans are having problems keeping their boats? I never would have expected it! :rolleyes:

:uglyhamme:uglyhamme

I'm offended. to think that these "kids" financing these boats could actually lose their boats because they don't/can't pay for them, will actually lose "their" boat. It's all blasphemy!! 8p

bcampbe7
10-07-2008, 12:03 PM
Maybe the boat owner also owns the tow company and he is headed out to the lake.

coz
10-07-2008, 12:03 PM
What? You mean 23 year old kids going out and financing $80k toys with 30 year loans are having problems keeping their boats? I never would have expected it! :rolleyes:

I havn't had a boat payment since the 90's so with the interest rate what it is what would your payment be on an 80k boat with say 20% down? (16k)

flipper
10-07-2008, 12:06 PM
It would depend on the length of the loan

Skipper
10-07-2008, 12:07 PM
I havn't had a boat payment since the 90's so with the interest rate what it is what would your payment be on an 80k boat with say 20% down? (16k)

About five times more than a First Sergeant in the US Army could afford. :cool:

Sodar
10-07-2008, 12:08 PM
I have a buddy that bought a new boat 2 years ago, today. He put $5k down on a $75k boat at 7.5% and his payments are right around $500 a month.

I don't know much about financing. In my opinion if you do not have the cash, you do not have enough to own it.

jixxxer
10-07-2008, 12:08 PM
For 30 yrs it at 7% i.r. with 20% down would be $425/month

Sodar
10-07-2008, 12:09 PM
I havn't had a boat payment since the 90's so with the interest rate what it is what would your payment be on an 80k boat with say 20% down? (16k)

With that exact scenario, you would pay $469.61 per month at 8%

wakeX2wake
10-07-2008, 12:11 PM
HAHAHAHA... bought mine last sept and paying it off this coming spring;):D i like spending other people's money... especially when its cheap... but dayum payments get old... i'm working on getting all mine down to one then i'm gonna make it two

bcampbe7
10-07-2008, 12:16 PM
I have a buddy that bought a new boat 2 years ago, today. He put $5k down on a $75k boat at 7.5% and his payments are right around $500 a month.

I don't know much about financing. In my opinion if you do not have the cash, you do not have enough to own it.

Dave Ramsey, is that you???

I agree with you, Cameron. For toys and such you should pay cash and if you choose to finance them, pay them off in a matter of a year or two, IMHO.

bcampbe7
10-07-2008, 12:19 PM
HAHAHAHA... bought mine last sept and paying it off this coming spring;):D i like spending other people's money... especially when its cheap... but dayum payments get old... i'm working on getting all mine down to one then i'm gonna make it two

Excellent work!

coz
10-07-2008, 01:01 PM
With that exact scenario, you would pay $469.61 per month at 8%

Thanks sodar I'll stick with my current payment :D

About five times more than a First Sergeant in the US Army could afford.

What are ya saying TOP? :D hey! but in your position you have job security unlike alot of others at this time :D

Jim@BAWS
10-07-2008, 01:21 PM
You to can operate a payment calculator

http://www.bayareawatersports.com/calculator.asp?nav=117108&

Sodar
10-07-2008, 01:27 PM
You to can operate a payment calculator

http://www.bayareawatersports.com/calculator.asp?nav=117108&

Nice and useful addition to the site, Jim!

jrhollow
10-07-2008, 02:19 PM
What? You mean 23 year old kids going out and financing $80k toys with 30 year loans are having problems keeping their boats? I never would have expected it! :rolleyes:

I bought an 03 x-2 my at 24 and finished paying it off last year (age 27). Age doesn't matter, it's the person. It's like saying the housing market crash is caused by 23 year old kids buying houses they can't afford.

It sucks that people buy what they can't afford, but it isn't a function of age. It's the American way.

I like that you only buy toys with cash, but if someone is going to lend me money for less than I can return in a fixed income investment, I'm going to take the money. Granted, I'm a conservative actuary that won't buy something I can't afford.

Sodar
10-07-2008, 02:27 PM
I bought an 03 x-2 my at 24 and finished paying it off last year (age 27). Age doesn't matter, it's the person. It's like saying the housing market crash is caused by 23 year old kids buying houses they can't afford.

It sucks that people buy what they can't afford, but it isn't a function of age. It's the American way.

I like that you only buy toys with cash, but if someone is going to lend me money for less than I can return in a fixed income investment, I'm going to take the money. Granted, I'm a conservative actuary that won't buy something I can't afford.

You are missing my whole point. I was using the kids line as an example, because wakeboats were brought up... that is why I used kids.

However, there were plenty of PEOPLE who decided they wanted to get into wakeboarding, financed a depreciating asset for 30 years and a few years later when the boat is worth less than the amount owed, are now walking away.... that's all I am saying.

jrhollow
10-07-2008, 02:31 PM
Agreed. I just love that everyone thinks it's kids buying these boats. Just had to bust your chops not to generalize.

The fact that people would buy a boat with a 10+ year payment plan blows me away. You will be upside-down on the boat forever.

88 PS190
10-07-2008, 02:40 PM
Option C:

Person bought the boat and has great insurance which includes towing back to the dealership for repairs.

Or D:

Stolen property recovered.

But I agree probably a repo.

Roonie's
10-07-2008, 03:19 PM
option E

They are moving and having a professional mover tow is across the country for them or someone else bought it and is having it towed down to CA as this is what they usually use.

but it does look like a local tow truck..... agree with repo or car broke down on road trip.

ORX-1
10-07-2008, 04:41 PM
I bought my current X-1 when I graduated from college at age 22. I like the vast majority did finance a portion of the boat and put some down as well. I probably fall under the “kid” category but I made sure before I pulled the trigger that I could carry the payment. I have had it for two years now and can still trade it for more than my balance because I didn’t take a 20 year loan or 30 (is that even possible????) my point is that financing is a way to get you a boat so you can enjoy the sport and activity and then if you are like me I pay more each month than required in order to pay it off sooner. But had I not financed the boat I would have not been able to get out and do what I love. I agree too many people spend more than they should but what it comes down to is the personality. I would work a second job if I had to in order to pay for my boat, luckily I don’t have too.

Just the opinion of a “kid”

wakeX2wake
10-07-2008, 04:50 PM
ehhh... i did a 5 yr and financed less than half the cost of the boat thankfully... i say i'm paying it off next spring... that's if my bonus i'm tracking for right now holds up... if it doesn't then i'll pay it off on the 2 yr anny... i really don't like money... at all... i mean yea sure i love to have it to spend but then more you're concerned w/ it the more you become obsessed w/ it and it just get frustrating... daahhhhh well... i got enough to get me to the water this afternoon and take a six-er along w/ me and don't have to sweat it

jixxxer
10-07-2008, 04:52 PM
I bought my current X-1 when I graduated from college at age 22. I like the vast majority did finance a portion of the boat and put some down as well. I probably fall under the “kid” category but I made sure before I pulled the trigger that I could carry the payment. I have had it for two years now and can still trade it for more than my balance because I didn’t take a 20 year loan or 30 (is that even possible????) my point is that financing is a way to get you a boat so you can enjoy the sport and activity and then if you are like me I pay more each month than required in order to pay it off sooner. But had I not financed the boat I would have not been able to get out and do what I love. I agree too many people spend more than they should but what it comes down to is the personality. I would work a second job if I had to in order to pay for my boat, luckily I don’t have too.

Just the opinion of a “kid”

I agree! We're not all fortunate enough to buy our toyz with cash money, but if u love, you;ll find a way to get it. And really who cares if u finance it for 5 years or 20 years....as long as u love it and you can pay for it.

wakeX2wake
10-07-2008, 04:55 PM
I agree! We're not all fortunate enough to buy our toyz with cash money, but if u love, you;ll find a way to get it. And really who cares if u finance it for 5 years or 20 years....as long as u love it and you can pay for it.

here here to that... if i'd waited and tried to save up enough to buy a 6 mo old x2 i wouldn't have the cash for ummm 15-20 yrs... the way i look at it right now is that boat and truck payments are just two dang good reason for me to get my butt to work on those days when i really don't want to

88 PS190
10-07-2008, 05:16 PM
I'm 23 myself, I like to be able to pay cash, but take the financing anyway. Need to get credit history somehow, don't have credit card debt, so I buy something, and pay off my loan fast. Seems like paying off my loans gets me a better credit history than carrying credit card payments

ORX-1
10-07-2008, 05:42 PM
I'm 23 myself, I like to be able to pay cash, but take the financing anyway. Need to get credit history somehow, don't have credit card debt, so I buy something, and pay off my loan fast. Seems like paying off my loans gets me a better credit history than carrying credit card payments

Funny how that works, if you have no debt then you have no credit... Seems backwards!

03 35th Anniversary
10-07-2008, 05:43 PM
It's not how old you are or how long you finance something that gets you into money troubles........




IT'S THOSE DAMN WOMEN THAT DO IT!!!!!!!!!!!!







.

coz
10-07-2008, 05:43 PM
Seems like paying off my loans gets me a better credit history than carrying credit card payments

It does and keep up with you payoff system :toast:

coz
10-07-2008, 05:45 PM
the way i look at it right now is that boat and truck payments are just two dang good reason for me to get my butt to work on those days when i really don't want to


I guess I need to get some payments because I don't want to go to work everyday :rolleyes:

trickskier
10-07-2008, 05:53 PM
What? You mean 23 year old kids going out and financing $80k toys with 30 year loans are having problems keeping their boats? I never would have expected it! :rolleyes:

Try interest only payments....................:rolleyes:

rholmes
10-07-2008, 08:03 PM
I think everyone is missing the point if this is a repo. Just goes to show you that you need to hide your boat across the US border in Canada or Mexico. They'll never find mine....

alletric
10-07-2008, 09:03 PM
This is funny to me. I got in a huge hostile debate about 6 months ago about needing to pay cash for toys. I will go look for the thread now. Had all these people that were exemptions to the rule getting all bent out of shape because they financed there boat. Don't see too many of them on here today.

bigmac
10-07-2008, 09:07 PM
looks like a repoFannie Mae was making boat loans too?

alletric
10-07-2008, 09:08 PM
This is funny to me. I got in a huge hostile debate about 6 months ago about needing to pay cash for toys. I will go look for the thread now. Had all these people that were exemptions to the rule getting all bent out of shape because they financed there boat. Don't see too many of them on here today.

Here it is.


http://www.mastercraft.com/teamtalk/showthread.php?t=19830&highlight=Financing+boat

mccobmd
10-08-2008, 06:22 PM
I understand both sides, I bought a car and took out a 3% loan for 100% because I have the cash to pay for it in CD's at 5%, but as W2W said, if you have budgeted correctly and aren't at risk for repo they it's just you paying someone else (the interest) to play. I also agree that any financing more than 5 years will put you upside downforever, even in a MC.

ORX-1
10-08-2008, 06:28 PM
I think it all depends on how you buy it. if you buy it right and then make your payment you will always be paying towards the principle. It sucks but interest is the cost of having a great toy, like an MC

mbpd312
10-09-2008, 09:51 AM
This thread has gotten too funny... Everyone talking about money and needing cash to buy those toys. If your buying a nice new boat there arent many people throwing down 80k cash for a boat. Even if you could afford it, which most people cant, it wouldnt be a smart business decision anyway. Of course unless you have a spare half mil in the bank. But even if your family income is 250k a year. No way should one ever spend 33% of a years income on one payment. This is why people have to walk away from home loans... But hey I guess they can live on THEIR 23ft mc. LOL

wakeX2wake
10-09-2008, 10:07 AM
This thread has gotten too funny... Everyone talking about money and needing cash to buy those toys. If your buying a nice new boat there arent many people throwing down 80k cash for a boat. Even if you could afford it, which most people cant, it wouldnt be a smart business decision anyway. Of course unless you have a spare half mil in the bank. But even if your family income is 250k a year. No way should one ever spend 33% of a years income on one payment. This is why people have to walk away from home loans... But hey I guess they can live on THEIR 23ft mc. LOL

haha good stuff... i purposely set my boat up so i could make it even if i had a really bad month but could pay all the extra on it i wanted if i could... i was jobless for 3.5 months last yr and still have both big toys... i was scraping but i was able to make it w/o freaking out... that's why i haven't bought a house yet... i'm waiting on a comfortable payment not something i can make... it's like a banker friend of mine said... if he looks at somebodys finances and says... they're a new set of tires away from being broke he ain't making the deal... now i'm going to buy some in a couple weeks and i'm not happy about (at least a grand i'm gonna have to spend on tires!!!) but i do it and do it w/o cutting back on what i want to do and i think that's what people loose sight of

ORX-1
10-09-2008, 11:18 AM
I agree with your buddy, tires are really expensive! They are at least 800 for a cheap set...

Skipper
10-09-2008, 12:43 PM
This thread has gotten too funny... Everyone talking about money and needing cash to buy those toys. If your buying a nice new boat there arent many people throwing down 80k cash for a boat. Even if you could afford it, which most people cant, it wouldnt be a smart business decision anyway. Of course unless you have a spare half mil in the bank. But even if your family income is 250k a year. No way should one ever spend 33% of a years income on one payment. This is why people have to walk away from home loans... But hey I guess they can live on THEIR 23ft mc. LOL

You may be able to live on it, but you sure as heck can't ski behind a 23 footer! ;)

Mag_Red
10-09-2008, 01:46 PM
Maybe the boat owner also owns the tow company and he is headed out to the lake.:rolleyes:Glass half full kind of guy:D Actually when I first got married............the first one....................:rolleyes:...............we bought a brand new boat and towed it with some 1o year older piece of crap truck:D

vegashomeexpert
10-09-2008, 02:11 PM
Had to do a double take and make sure I wasn't missing something from my back yard...

wakeX2wake
10-09-2008, 05:07 PM
coulda been it

rodecker1978
10-09-2008, 07:28 PM
Coz, you should definitely get you some payments....they are fun! :D

JMann
10-09-2008, 11:07 PM
I'm of the no payment option. I waited until I saved up some money and when I couldn't wait any longer I bought what I could afford. This spring I spent $9,400 cash and picked up a 91 prostar 190 with 500 hours and perfect pass installed. Yes I would have liked to buy a new "X" anything but this way no matter what happens to my or my wifes job I'm not going to lose my boat. I can lose my job next summer and ski every day, might not be a bad trade off.
This way I have a nice boat and no payments. I can start saving for a new boat and pay cash for that too.