Selling my boat...Is this a scam?

[cbavier]

Re: Selling my boat...Is this a scam?

50% is a good down payment. Let him go to the bank and get the rest or NO DEAL! You run the risk of ruining a friendship/ financial loss and_____?
All or none I say like most everyone else. If his credit is so poor that he can't get 50% financed. He probably won't pay you on time either. There will always be some reason why. Don't Lend to Friends or family unless you are prepared to write it off as a gift.

 

[Nandy]

Re: Selling my boat...Is this a scam?

Is this something I should go for?

The answer is NO! Even if you are not going to give him the boat and any paperwork until it is all paid for the answer would still be no.
This is the season to sell a boat. Someone will come with cash and buy the boat from you given you have it priced fairly and you wont have to with month to have the full payment.

 

[redfury]

Re: Selling my boat...Is this a scam?

I have to say, I really like the lease with option to buy idea. Very creative.

HOWEVER, I agree that you are better off waiting for a cash in hand buyer than one with money down and make payments along the way, particularly the point that this is a TOY, period.

IF you do, you need to realize that you'll need to hold onto that money until the boat is completely clear of your possession, otherwise you risk spending money that isn't yours free and clear. I sold my 1965 Fury to a kid that gave me 1/3rd down with promises to make payments. Needless to say, I had to repo it as he was LIVING IN IT!

I will never, ever sell something on payments without having a firm contract in place, and even then I'm not too willing to go that route. By the time you get paid in full, you'd have found someone else with the money to pay you up front for it. Besides that, when he sinks it or destroys the lower unit or freezes up the motor, what are you going to do then? Not worth one iota of the potential trouble IMHO.

 

[dave11]

Re: Selling my boat...Is this a scam?

Take the 50%. Take the payments. Tell him he has the right of first refusal. Keep the boat on the market FOR SALE. If you get another or better cash offer, he can meet it, pay the balance owed, and then take possesion of the boat. If he does not do that, take the better offer, and refund his cash.