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Catalina/Capri 25/250 Sailor's Forums

General Sailing Forum

Selling of a Boat: would you.....?

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Ape-X
Admiral

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USA
662 Posts

Initially Posted - 06/18/2013 : 09:14:26

So I have an opportunity to sell off Moe Uhane back to a previous owner. Well....his girlfriend.

They are asking for payment plan, would you entertain such an offer? The boat would remain titled in my name, until paid in full. They are also covering slip expenses at my marina, so the boat stays local.

What other provisions would you insist on, or would you walk away? Especially considering a $5k price point.

Insurance - insurance required in my name
Guarantee of maintained condition - how do we ensure the boat is maintained in similar or better condition until paid in full?
Damage - what happens if damage occurs?
Down payment/Interest Rate/Terms - I have a crappy unsecured loan to cover remaining costs of the new boat, while sale of the old would alleviate those poor terms. Should I pass those same terms on?

I'd be interested in feedback or others experience.

..I would even more so be interested in a full payment offer.....:O)

s/v No Worries, O'Day 28
PO Moe'Uhane - C25 SR/FK #1746

Edited by - on

OLarryR
Master Marine Consultant

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USA
3466 Posts

Response Posted - 06/18/2013 : 09:33:51

I feel for you...in that you have a past relationship with these people in buying your boat originally. However, as they say, "It's not personal, it's business". I would hesitate to enter into any deals like payment plans, etc. Things happen. The fact that the boat is in your name...then there are concerns regarding any mishaps that occur and dealing with those that you have no knowledge under what circumstances accidents, etc occur and what if the insurance company does not want to pay forwhatever reason...Maybe they were drinking and caused significant damage to another boat or people. Why deal with the hassles ? I question also why someone cannot come up with the $5K to buy the boat outright. Chances are that an older boat, they probably cannot get a loan but why not deal with someone that can buy it outright and be done with it. if they are into such a bind that they need to ask for a payment plan, why not suggest they get the dough from their parents or friends. I would just tell them that you are not comfortable with making any arrangement but that you would be willing to wait say a week or two for them to acquire the dough elsehwere before you go off trying to get another buyer. That is then at least offering them something for having the past relationship with you when you purchased the boat from them...or from the boyfriend.

Edited by - on

OJ
Master Marine Consultant

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USA
4382 Posts

Response Posted - 06/18/2013 : 09:46:08

I ditto what Larry says above . . .

Edited by - on

Stinkpotter
Master Marine Consultant

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Djibouti
9080 Posts

Response Posted - 06/18/2013 : 10:06:44

So, it's sorta like a layaway plan where the buyer keeps the merchandise?

All points above are valid. But I have a feeling it gets even more complicated... It's your boat, your insurance (?), and in the end, likely your liability. Just tell them it's not a simple as they might think, and that all of the complications involve you. Let them save up (make payments to themselves)--if they're worried the boat might go out from under them, they might be back with the cash sooner than you think.

Edited by - Stinkpotter on 06/18/2013 10:08:00

Davy J
Master Marine Consultant

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USA
1511 Posts

Response Posted - 06/18/2013 : 10:10:17

My standard response to people who want me to finance items is:
I need the cash for some other "need" and therefore can not take payments. You can always go back later and claim your plans or mind has changed.

The other thing, is that a boat is not a necessity, if they don't have 5K, and some other expense rolls up on them(her), the payment might not be a necessity either...

I think this maybe why commercial marine lenders don't want to finance less than 25K. If you don't have some cash, you might not need a boat...

Edited by - on

Ape-X
Admiral

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USA
662 Posts

Response Posted - 06/18/2013 : 10:11:47

thanks for the replies. If I wasn't concerned I wouldn't post. I should listen to the inner voice. Croppy of it is, there have been NO calls on the boat otherwise to date. I have listed on CL and Sailing Texas. Perhaps a more succinct ad, Different pictures???

I think I will let them know I will hold all other offers for 2wks max (not that there have been other offers) in the meantime, 50/wk continues to add. I have next week off and can work with the shore commitee on a deal for slippage or haul-out for the unforeseen future

Edited by - on

redeye
Master Marine Consultant

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3476 Posts

Response Posted - 06/18/2013 : 10:43:15

Yepper.. I don't get that.. If they want the boat they should be able to get financing without involving me. Personally I would not touch that.

Boat is for sale. Price is negotiable.. not the financing.

Edited by - on

britinusa
Web Editor

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USA
5404 Posts

Response Posted - 06/18/2013 : 11:13:15

I presume you paid in full when you purchased it from 'them' originally ??

Sadly I have learnt the hard way that I am not a bank!

Paul

Edited by - on

GaryB
Master Marine Consultant

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USA
4304 Posts

Response Posted - 06/18/2013 : 15:28:55

No way I'd do it for the reasons the others have already mentioned. Huge liability.

If they cannot afford $5k upfront who's to say they don't have a great time sailing all summer, pay some money towards the boat and 2 or 3 months slip fees, then decide they don't want to own a boat again. They got a summers worth of sailing for a relatively small outlay and you're left still owning the boat and paying slip fees in the future going into the winter months when boats don't sell.

Wait it out, sell it to someone outright, and be done with the boat once and for all OR do like Dave mentioned and tell them to save up the money and come back to you when they have all of it (f the boat still hasn't sold). Like Dave said, odds are they will probably scrape the money pretty quickly if they have to come up with it on the front end. As I indicated above, if they have a payment plan they might lose interest before you get all your money.

If you want a few weeks of slip fees paid for, send me pictures of your whisker pole and tiller pilot and if in good condition sell them to me for a reasonable price.

Edited by - GaryB on 06/18/2013 15:33:47

pastmember
Master Marine Consultant

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2402 Posts

Response Posted - 06/18/2013 : 17:22:37

No.

Edited by - on

pastmember
Master Marine Consultant

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2402 Posts

Response Posted - 06/18/2013 : 17:23:29

Have you put it on sailingtexas.com?

Edited by - on

shnool
Former Capri-25 Tech Editor

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USA
1032 Posts

Response Posted - 06/18/2013 : 18:34:21

I surf sailboatlistings.com all the time... and frankly craigslist (where I found my boat).

yeah I'd steer clear.

Edited by - on

Ape-X
Admiral

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USA
662 Posts

Response Posted - 06/19/2013 : 03:47:20

Thanks all for the input. You've confirmed the red flags in my mind as well, with the winning argument liability. At first I was concerned with payments, then maintained condition of the boat if payments stopped, then damage to the vessel, but all that pales in comparison to being held liable for damage or horror of horrors injury to someone else.

Edited by - on

AtEase
Deckhand

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23 Posts

Response Posted - 06/23/2013 : 17:25:44

No way. Nothing but trouble.

Edited by - on

Ape-X
Admiral

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USA
662 Posts

Response Posted - 06/28/2013 : 04:49:20

well, we avoided that conflict, sadly Moe U'Hane isn't sold, rather the potential buyer found a different boat. Either way we were relieved, as everyones advice was well founded: Liability was the trump card. THANKS

Edited by - on

OJ
Master Marine Consultant

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USA
4382 Posts

Response Posted - 06/28/2013 : 13:44:54

The economic recovery seems pretty spotty. Hopefully things are picking up in your region and there will be more people seeking out C25s in the near future.

Good luck!

Edited by - OJ on 06/28/2013 13:45:28

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