Does something sound bizarre here???

[Pez Vela]

Re: Does something sound bizarre here???

From the M & M website ... "Our boats come from private individuals, and trade-ins from the many dealers that we work with up and down the East Coast. All of our boats are put into the water for a sea trial before you make your final commitment to purchase."

Given the issue which has already arisen with respect to the timing of your loan funding, and your resulting wariness about the deal, I'll throw in another issue. Since it would appear that M & M flips boats as a part of their business model, they may not be acting as a broker at all, but rather as the principal in the transaction. That, standing alone, is certainly no problem, but it may serve to explain the salesman's behavior. If it were me, I'd like to see all the title and registration paperwork which M & M should already have in hand before I'd hand over any more money.

 

[H20Rat]

Re: Does something sound bizarre here???

When selling a boat, there are a lot of people out there looking for a joy ride. Oops! is right that a seller/broker expects some "commitment" on the part of the buyer. The offer is pending successful sea trial and a problem in the sea trial is the only way out to get the deposit back.

At least in my experience, I haven't encountered this. Maybe just really lucky, but every single on water test i've taken people on has ended up with a sale to that person. (half a dozen boats sold or so) I don't allow kids to go with on the test (its my policy, but I also make sure I've only got adult life jackets with), if there is a spouse I'll take each of them out if they want, usually only the guy goes. (although I've had one or two where the guy had no interest in the boat at all, it was going to be her boat.)

That also helps keep it short. I don't remember a single outing that lasted more than 20 minutes max. Dump it in, start it up, cruise around a little bit and get it up to WOT, and then come back and load.

 

[Home Cookin']

Re: Does something sound bizarre here???

I think he has the right to get you to sign the contract to buy after the sea trial but not close the deal that day. if it were a bigger boat, I'd say wait for the survey but a good surveyor will know what's what on a boat that size right there.

Here's what may be going on--he has to close from his end that day, or something bad happens the next day: a new loan payment, slip fee, or some other deadline--all of which are his problem, not yours.

Another thing that concerned me was his insisting on closing that day so it is your boat. If it were a large boat (as I assumed from all this detail) you would have to already have a place to take it. For any boat, you have to have your insurance in place the second you own it. (We had a motorboat sink in a storm the first night we brought it home; Dad had the insurance papers on his desk. The agent was a friend and covered it). This might include auto insurance for the trailer.

For a 14000 sale he is making a small commission. He doesn't want to deal with it twice (sea trial day and deal closing day) so in that respect I see where he is coming from. The more time he spends, the more he looses.

I say call his bluff.

 

[NetDoc]

Re: Does something sound bizarre here???

Spidey sense.....I like that!

Anyone who's been a fan of Spiderman knows what I am talking about.

 

[shrew]

Re: Does something sound bizarre here???

My insurance company wanted a completed survey in order to issue insurance. This included the valued price from the surveyor. So how would that work according to the broker's process? Does he expect you'll take delivery and run an uninsured boat? I would also think that many lendors would want verification of value of the item they're writing a note on as well. Don't many banks also want a survey? Tell him that is the way your bank and insurance company work.

 

[scoutabout]

Re: Does something sound bizarre here???

The guy sounds like a twit who doesn't know how to read a customer and so has overplayed his hand. You gave him some money, made a date for a sea trial, you come across as a sensible person. He's blowing his own deal in spite of himself.

When I was looking at Scouts I was most interested in the one 50 miles from my house (as opposed to the one I did buy which was 1000 miles away...:facepalm They wanted a credit card deposit over the phone the day I called to arrange a sea trial. I said no thanks I'd come up for a dry inspection first and if his "absolutely mint" boat proved to be just that we could talk about a sea trial.

I arrived and the boat was all hooked up to the truck and sales guy's ushering me into the office to hand over my deposit almost before I had stepped out of the car. I had to tell him to relax, leave me alone with the boat for 30 minutes then come back.

Sure enough I found a bunch of problems the worst being a totally dinged and gouged keel that had holes right down to the matting. Mint indeed. I pointed that out and thanked him for wasting my afternoon. Without missing a beat he started promising that if I'd just hand over that deposit and go for a ride he'd work me out a screaming deal on some gelcoat repairs.

Yup - these people actually walk among us...

Anyway - sorry to ramble. It looks like a nice boat and I hope it works out. But I think you'd be fully within your rights to tell him to visit the nearest short pier. Something tells me however getting your deposit back will be a challenge.

(Of course, I wonder if there's a way to just look up the owner from the reg numbers on the hull and go direct...)

 

[PuddleJumper]

Re: Does something sound bizarre here???

I've bought 2 boats thru a broker. When I decided I wanted the boat, I made an offer with a 5% check and a signed agreement that stipulated passing survey, mech inspection and a sea trial. Sea trial done first. If satisfactory then inspections ( if sea trial failed then no money spent on inspections). Time frames (reasonable) for each step including closing were stipulated in contract. If any step revealed a problem then renogiations would take place if could not settle issues then deal off and deposit refunded. Worked extremely well using a broker brings peace of mind that my money was in escrow until clear title paperwork was issued and I had posession. It all depends on what the purchase contract u sign stipulates. Don't sign a contract that has that any portion that makes u uncomfortable

 

[pikefisherman]

Re: Does something sound bizarre here???

Taking out a loan for a boat to me sounds scary ,but that's me, good luck.

 

[UncleSpidey]

Re: Does something sound bizarre here???

Taking out a loan for a boat to me sounds scary ,but that's me, good luck.

The loan isn't a necessity, it's a convenience. The boat would qualify as a "2nd home", so the interest on the loan is tax deductible. (That's why cuddys are often sold with a porta-potty, sink, and a camping stove.) That brings the cost of borrowing down to the realm of "who cares." Besides, there's no penalty for paying it off early so I can always add whatever additional I want to my payment and close it out quick. Also, if I don't take a big capital hit all at once I've got a little in reserve to deal with any surprises that might crop up. That reserve fund is earning interest for me, which reduces the cost of borrowing even further.

 

[ewenm]

Re: Does something sound bizarre here???

i dont know how it is in your country but borrowing money and saying yeah its ok the interest is tax deductible is shear rubbish

your paying interest period. your reducing your taxable income there fore paying slightly less tax, wow

if you really want to make sense (or should that be cents) you should pay cash, unless of course you have some method of investing the money and getting a better interest rate than your loan, and i dont think you can do that

so pay cash and enjoy the boat

 

[fishinick]

Re: Does something sound bizarre here???

That salesmen better make sure that boat is perfect for that sea trial. (for 5% down it better be the best boat ride of your life!) Honestly, the market is so saturated in boats right now for good deals, I would walk from this slimey sales guy and bring your business elsewhere. I guess he has bills to pay in a hurry or something, but thats not your problem. If he would have been more professional, you probably would have been apt to buy the boat sooner anyways. Just my 2 cents

 

[jacoboregon]

Re: Does something sound bizarre here???

So, did you go on the sea-trial? Wasn't it yesterday? What happened?

 

[jayhanig]

Re: Does something sound bizarre here???

I'd walk. When red flags start flying, there's usually a good reason.

 

[UncleSpidey]

Re: Does something sound bizarre here???

So, did you go on the sea-trial? Wasn't it yesterday? What happened?

I ended up deciding I had too many reservations, and there was WAY too much drama involved. I cancelled the sea trail, and asked for my deposit check back. (I'm about 90 miles away, and they say they'll put it in the mail. We'll see how long it takes to get it back. At this point it hasn't been cashed, and I've put a stop payment on it.) Once again, thanks to everyone for lending an opinion.

So I guess I'm moving on to finding another boat. Nothing like the thrill of the chase!

Spidey

 

[scoutabout]

Re: Does something sound bizarre here???

Too bad - the twit really shot himself in the foot. You should email him this link...

 

[americaneagler77]

Re: Does something sound bizarre here???

Too bad - the twit really shot himself in the foot. You should email him this link...

i would, nice boat nice price, guy was a jerk tho..