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View Full Version : Hello from a forgotten member



XLGPP
02-22-2005, 04:06 PM
Hey all, its been a while since I was a regular here, but I came across something that I figured only the faithful here could advise about.
Recently I have put my Cougar up for sale, and everytime I have it sold the amount to insure a 100mph Cat kills the deal :burningm: (you guys know how cat ins. is) I got a call today from Brystarmarine.com that is a brokerage that has my boat sold. Only thing is they want me to owner finance for short term (18-24mo) until the buyer closes on a property deal, then he will finance the buy-out. They say they gurantee the note and monitor the boat (storage,maint, etc..) until the buy out.
Any of you hear of this before, or know much about it? Any info is greatly appreciated. And sorry to spam the sandbar with this, but I remember this is where everybody hangs out ;)

Ziggy
02-22-2005, 05:07 PM
Seems odd to me that a brokerage firm asks you to carry the note. I would be leary, very leary of a deal like that. Its not your hangup that the buyer has to wait for other deals to close.

jlnorthrup122
02-22-2005, 05:23 PM
sounds really skechy to me!! I would tell the brokerage if they still want a boat when the deal is taken care of with the house come see you if you still have the boat!! I would not do it at all! I would have given that brokerage the **** you when they said that to you! probably end up with a bare hull for an isurance recovery that won't be covered!!

vdrivenman
02-22-2005, 05:49 PM
i would run not walk away from any deal with them.
they have repeated problems down here in Texas with finanacing ,repoing.
then wanting to file criminal cahrges in what is civil matters !

KACHINA KEN
02-22-2005, 05:59 PM
I smell BS. Walk away.

moneypit
02-22-2005, 06:24 PM
I love to carry the note on a house... But not a boat... no way no how. Dont do it. You will get back a 35 mile an hour boat and no guarantees.

jlnorthrup122
02-22-2005, 06:35 PM
Hey You could carry the note for me! :D :D J/king what are your monthly patments and how much do you pay for ins? Just curious.

spectratoad
02-22-2005, 07:06 PM
I would think if they want to make a deal like that then they can carry the note and pay you off at the get-go. :)

XLGPP
02-22-2005, 07:20 PM
Thanks to all for the advice, that is kinda what I figured.
I got lucky with my insurance (grandfathered in) and only pay about $600 a year. Although I can't make any changes to my insurance policy cause Allstate wont even insure it any more.