PDA

View Full Version : need help/suggestions....boat sale gone really bad.


SWeaver
01-10-2011, 08:10 PM
The situation:
Bought a 2003 MC from a supra dealer. Boat was apparently on consignment.3 days prior to picking it up, it the bank repos it. Original owner defaulted. Dealer says my $$$ is safe, as he was waiting for the title before giving my $$$ away. I don't know the dealer. He's a former MC dealer outside san fran.

My questions/ concerns....
Is there any way I can still get the deal to go? Ie-direct with the bank?
I feel like I should be doing something, other than waiting for the dealer to refund my $$$$. What can or should I be doing?

2gofaster
01-10-2011, 08:46 PM
You absolutely can go to the repo'ing bank and try and make a deal. BUT......just because the boat's been repo'd doesn't mean the deal is done. Typically, a bank or finance company will give the owner a "get out of jail" amount. If he can come up with it, they will release the boat or car to the owner. While you're waiting on your $$$, find the bank and call them. Believe me, if they have it they want out of it. No bank wants "owned" property on their books.

SWeaver
01-10-2011, 09:07 PM
I just learned that it is a bankruptcy filing, not only a boat repo. Don't know if that makes a difference, but I think it probably complicates things. Assets frozen 90 days. No wonder it was such a deal.

ddanenberger
01-10-2011, 09:11 PM
since the owner is not going to keep the boat or continue to pay for it, it should go back to the bank. Call them, they may want to work with you. Keep in mind thier hands may be tied for a couple months.

bturner2
01-11-2011, 07:08 AM
If the dealer still has your money and cannot complete the deal within a reasonable amount of time you have a right to get your money back. Go talk to the dealer about time frame to complete the transaction and your expectations. If the dealer hasn't processed the sale I don't see what the problem is giving your money back.

ski/hunt
01-11-2011, 09:07 AM
I'd be focused on the money!! If there is no sale then where is the $$$ There will always be more boats to buy! Might be hard without your $$$$. Good luck!!

Viktimize
01-11-2011, 09:46 AM
If it is repoed due to bankruptcy filing, the original owner will certainly not be getting it back. And the gov't/bank will be sending it to auction to recoup as much as possible. I would definitely find out who to talk to about cutting a deal, as auctions for a boat right now would not fetch much I assume. So they would most likely be willing to cut a deal with you, knowing they won't recoup much from auction.

But most importantly, as it has been said, get your money back from the dealer ASAP. Even if this boat doesn't pan out, you still want your money for a future purchase.

JohnE
01-11-2011, 09:49 AM
I don't see why the dealer isn't handing you back all your money immediately.

scott023
01-11-2011, 09:51 AM
I don't see why the dealer isn't handing you back all your money immediately.

Me neither. The boat obviously isn't on consignment anymore, you'll have to deal with the bank if you still want the boat. If I was you, I'd retrieve my funds today and try to work a different deal with the bank.

Jim@BAWS
01-11-2011, 10:50 AM
What are you waiting on...Get your MONEY back. If you paid VIA CC put a STOP on it ASAP. Get that dealer to refund ASAP. There are other boats out there

Jim@BAWS

G-Star
01-11-2011, 12:54 PM
SWeaver,

PM sent. I may have experience with the same dealer...

Let us know how things proceed, and how the dealer handles the situation.

SWeaver
01-11-2011, 02:19 PM
This just happened late last night....the dealer has said I'd get my $$ back, but just waiting to see a check on my doorstep, and nervously waiting to put this behind me. The problem is we are on separate coasts, so I can't just stop by and get my cash, although I will if it doesn't show up quickly.

SWeaver
01-11-2011, 02:27 PM
Gstar- pm back at you.

G-Star
01-11-2011, 02:32 PM
Gstar- pm back at you.

Ditto......

André
01-11-2011, 05:21 PM
Ditto......

Guys,use e mails.You never know who reads PM here...

SWeaver
01-11-2011, 05:48 PM
Why are pm's a problem? I think I'm missing something....

M-Funf
01-11-2011, 06:07 PM
Why are pm's a problem? I think I'm missing something....

I think he's implying that admin can read them.

SkiDog
01-11-2011, 06:37 PM
I think he's implying that admin can read them.

I believe that SOME of them could read PM's. Maybe not all of em, bet certainly one or two of them could. Experience talking.

Cloaked
01-11-2011, 06:51 PM
I believe that SOME of them could read PM's. Maybe not all of em, bet certainly one or two of them could. Experience talking.Only if an add-on (hack) for vB has been incorporated into the script within the CP. It's not a standard function of vB nor does vB endorse the action as part of their license purchase, although the hack can be easily found on their support site. PMs can be read.

G-Star
01-11-2011, 08:23 PM
Only if an add-on (hack) for vB has been incorporated into the script within the CP. It's not a standard function of vB nor does vB endorse the action as part of their license purchase, although the hack can be easily found on their support site. PMs can be read.

Cool... There's my fun fact for the day :cool:

Thanks for the heads up, guys.

east tx skier
01-11-2011, 08:51 PM
This just happened late last night....the dealer has said I'd get my $$ back, but just waiting to see a check on my doorstep, and nervously waiting to put this behind me. The problem is we are on separate coasts, so I can't just stop by and get my cash, although I will if it doesn't show up quickly.

I think they would be able to wire it to you with relative ease. Do you know when the guy declared bankruptcy? Hard to figure out the bank taking back the boat if he already filed. If they are trying to say it's a fraudulent transfer, it seems like they would need to argue that in bankruptcy court and not just make a grab on the property. Don't know, but just a hunch.

2RLAKE
01-12-2011, 04:00 AM
good luck ...

SWeaver
01-12-2011, 09:16 AM
this is getting more and more fun.......

Dealer says he overnighted a check. Should be here today, except that there is a blizzard going on.....so maybe not today.

To be fair, the dealer seems to be handling it professionally.....

The fun part is, the deal may be back on with the bank, but i won't know for sure for a few days. To me, they stole my boat. It was already paid for. The check was cashed. It was going to be picked up for transport in a couple days. I thought about filing a police report for a stolen boat against the bank, but nobody on here suggested that, so I thought that maybe that was a bit too emotional of a decision.....and then decided to focus on getting my $$$ back and finding another boat, unless the bank smartens up.

ddanenberger
01-12-2011, 09:28 AM
The problem is no title...No transfer of ownership. Titles with liens, outstanding loans where the boat was used as collateral, or do not have a clean title is alway a concern if not handled well.

I hope you get it worked out, but unfortunately, I don't think the police would have helped you. The bank is holding all of the cards since the boat loan was in default. With that said, they are not going to want to lose even more money by auctioning it of for pennys on the dollars. If you or the dealer can work it out, it should be good for you. Just remember there are other boats and other deals. This should be fun not stressful.

east tx skier
01-12-2011, 10:41 AM
I would be curious if the bank had notice of the bankruptcy filing before they repossessed your boat. If you have the previous owner's name, that should not be too hard to figure out. If they did have notice and repossessed it, they may not, in fact, be holding all of the cards.

bobx1
01-12-2011, 11:54 AM
I thought about filing a police report for a stolen boat against the bank, but nobody on here suggested that, so I thought that maybe that was a bit too emotional of a decision.....and then decided to focus on getting my $$$ back and finding another boat, unless the bank smartens up.

Smart move on not filiing a Police Report because you dont own the boat. A third party may have cash in hand but you still have never owned that boat.

Good luck and am sure it will turn out fine.

2gofaster
01-12-2011, 12:50 PM
To me, they stole my boat. It was already paid for. The check was cashed. It was going to be picked up for transport in a couple days. I thought about filing a police report for a stolen boat against the bank, but nobody on here suggested that, so I thought that maybe that was a bit too emotional of a decision.....and then decided to focus on getting my $$$ back and finding another boat, unless the bank smartens up.


Calling the police would have been futile. Unfortunately, that's not your boat. You had paid an intermediary and that payment had not yet reached the owner nor the liendholder. Unfortunately, you're stuck in the middle. Hopefully it will be worked out with the bank who holds the lien and you can take possession of it.

bturner2
01-12-2011, 05:39 PM
I'm hoping this is all going to work out for you but if it doesn't remember the old adage.....

"if you want something badly surely that's how you'll get it"

Once you have your cash you'll be in a position to restart the deal. If it doesn't work out I'm sure you'll find another boat. I've always found searching for my next boat to be fun. It should be for you too. If this one keeps you up at night move on to the next one. Best of luck!

gatorguy
01-12-2011, 05:53 PM
You may actually be able to work out a better deal with the bank. They now have a boat they don't want, and depending on the motivation of the acount manager, a willing buyer and a chance to cut losses may be all they need to make a sweet deal.

Footin
01-12-2011, 08:08 PM
The moneys I would offer the bank for the boat would be going down by about $500 per day.

SWeaver
01-15-2011, 08:32 PM
Well, the dealers check arrived. Didn't cash yet, cuz of the weekend. The bank is still undecided on what to do. I started looking again. Found a couple that I'm interested in. Hopefully , the bank decides to go through with sale, but looking in case this one is not coming back.

maxpower220
01-15-2011, 09:21 PM
Is there a rush? It is winter. You do have time to work a deal with the bank. If that is THE boat for you, I would try to get a better deal with the bank.

If you have a signed contract on the boat, with money transferred to the dealer, you may have some legal standing on this boat. A court may: look to the old owner for fraud. Since he has no money, I doubt that would do you any good. 2. The court may look to the bank for a timeline of the repo. 3. Court may look at the dealer to ensure he had no knowledge. Not knowing everything on the other side of the story, it is doubtful you would end up with the boat in any type of lawsuit.

FrankSchwab
01-15-2011, 11:51 PM
I think I'd go look somewhere else. The boat has been reposessed from a knowledgeable dealer, and is currently sitting in a dirt tow yard somewhere. Someone probably took the cover off to see if there was anything worth stealing from it, so the dust getting kicked up from the trucks driving through all day is settling in, and getting washed in by the rain.

You might be able to buy it from the bank, but it's not going to be in the same condition it was the last time you saw it. If you do still want it, make sure any offer you make to the bank is contingent on you going down and taking a look at it.

/frank

SWeaver
01-16-2011, 03:41 AM
There is no rush now that I have the cash back. But, a mint 2003 205v with tower and 210hrs on an mcx for under 22k doesn't come along every day, which is why I was anxious to still have the contract honored. Finding another boat isn't the problem....its finding one priced as such that I am not likely to see again soon.

H20skeefreek
01-16-2011, 07:10 AM
Maybe I'm wrong, but I don't think a deal like that would be THAT hard to come by.

SWeaver
01-16-2011, 12:19 PM
Hope you're right, but I haven't seen anything close.

SWeaver
01-26-2011, 11:36 AM
Well, after a couple stressful weeks and dealing with a dealer (who proved to be a very stand-up guy), repo guys, a bank, bank lawyers, a bankrupt owner, all the while shopping for a different boat..... I got the boat (again). Didn't get a better deal, but that's ok, the deal I got was still a $2000-5000 less than anything else comparable I'd seen. Plus, the dealer kept the boat locked away indoors from the repo guys, and I get free indoor storage for the winter, a new heater and a bimini top.

ttu
01-26-2011, 11:38 AM
glad to read everything worked out and you got the boat you wanted along with a couple of perks.

make sure you post pics.

SkiDog
01-26-2011, 11:39 AM
Well, after a couple stressful weeks and dealing with a dealer (who proved to be a very stand-up guy), repo guys, a bank, bank lawyers, a bankrupt owner, all the while shopping for a different boat..... I got the boat (again). Didn't get a better deal, but that's ok, the deal I got was still a $2000-5000 less than anything else comparable I'd seen. Plus, the dealer kept the boat locked away indoors from the repo guys, and I get free indoor storage for the winter, a new heater and a bimini top.

Glad to hear all went well, after all the stress! Good things happen to those who wait!

gatorguy
01-26-2011, 11:43 AM
I got the boat (again).

Glad to here you got what you want. Patients works out some times.

scott023
01-26-2011, 11:47 AM
Congrats. Glad to hear the deal still worked out for you.

SWeaver
01-26-2011, 11:56 AM
Here she is!!
2003 205v with a 2004 tower/mirror/racks/bimini(not on it), speakers and amps, heater, tandem trailer/MCX engine. Upholstery is perfect, outside has a single minor scratch to buff out.

Thanks for all the advice and comments!

scott023
01-26-2011, 12:02 PM
Looks great. Congrats again.

thatsmrmastercraft
01-26-2011, 12:09 PM
Please accept a collective "phew" from all who followed this thread. Good to hear you ended up with the boat you wanted.

CantRepeat
01-26-2011, 12:15 PM
Great looking ride! Glad it all came together for you!

brucemac
01-26-2011, 12:23 PM
great looking boat! enjoy!!!!

east tx skier
01-26-2011, 12:25 PM
Well, after a couple stressful weeks and dealing with a dealer (who proved to be a very stand-up guy), repo guys, a bank, bank lawyers, a bankrupt owner, all the while shopping for a different boat..... I got the boat (again). Didn't get a better deal, but that's ok, the deal I got was still a $2000-5000 less than anything else comparable I'd seen. Plus, the dealer kept the boat locked away indoors from the repo guys, and I get free indoor storage for the winter, a new heater and a bimini top.

Good to read. I was going to suggest some security measures going forward! 8p

Great looking boat!

SWeaver
01-26-2011, 12:58 PM
Security from whom? If it's from you guys......No need to take it from me, I'll give you free pulls anytime.:D

If it's from other people, let's just say they'd be well ventilated and dehydrated upon arrival.;)

PS- east tx skier....21000 posts? does your boat have wi-fi? :)

G-Star
01-26-2011, 01:15 PM
Here she is!!
2003 205v with a 2004 tower/mirror/racks/bimini(not on it), speakers and amps, heater, tandem trailer/MCX engine. Upholstery is perfect, outside has a single minor scratch to buff out.

Thanks for all the advice and comments!

Looks great! Sounds like you got a smokin' deal. Congrats!

Willski
01-26-2011, 01:27 PM
Congrats! Sounds like it was a little rough going, but you got a nice boat there.!

Double D
01-26-2011, 01:42 PM
Congrats and way to stick with it! Glad it worked out.

bobx1
01-26-2011, 07:24 PM
Congrats on the new boat and would like to pass along kudos to all involved in the repo chain (including the bankrupt owner) for keeping a gem like that in pristine condition.

2RLAKE
01-26-2011, 07:31 PM
Terrific news ... Glad it all worked out ... Now you have a great boat with a great story!

SWeaver
01-26-2011, 07:38 PM
Congrats on the new boat and would like to pass along kudos to all involved in the repo chain (including the bankrupt owner) for keeping a gem like that in pristine condition.

THAT was the most surprising thing of all.....i had mentally walked away, I even cashed the refunded check. I figured a repo company would've gotten it and it'd be trashed by now, but it's been sitting indoors, heated at the dealer all along.

MariStar-Man
01-26-2011, 07:39 PM
I'm sure happy that things worked out for you. It's a nice color and condition. Looks like a solid performer.

I might have missed it but did you wind up getting it from the Dealer or the bank?

Did the owner say anything encouraging?

SWeaver
01-26-2011, 08:20 PM
The bank repo'd the boat from the owner, and the dealer -who was consigning it- ended up brokering it for the bank, so it shuffled a little paperwork, but pretty much remained the same.

The owner never said a word to me. I get the impression he is pretty upset with the bankruptcy though. He is/was a home builder in California....tough times for him, I'm sure.