Selling a boat in installments

[Wanted]

Seconded.

We bought our first boat this way. I was amazed the seller trusted us but we stood by the agreement and paid as per our commitment. Never occurred to us not to.

MtB

Yep, it's all based on trust but I like living in a world where I trust a little easier than I distrust.

[chubby]

Goodness me ,

 

well its very nice to hear of two occasions when it turned out well . Happy days .

Alas , i m not of the same mentality as Wanted and find it safer to not trust as opposed to giving the benefit of the doubt . Baggage n all that i guess , but its good to hear that such an arrangement can work out afterall

Edited February 28, 2015 by chubby

[Bee]

if you did this you would start to worry from the day you handed over the keys.

[Wanted]

if you did this you would start to worry from the day you handed over the keys.

Goodness me ,

well its very nice to hear of two occasions when it turned out well . Happy days .

Alas , i m not of the same mentality as Wanted and find it safer to not trust as opposed to giving the benefit of the doubt . Baggage n all that i guess , but its good to hear that such an arrangement can work out afterall

I consider myself an Atheist, but I rented a room in a really old house in Dorset years ago, the house was owned by the most inspirational Quaker couple. Peter was one of the first soldiers to enter Belsen during the liberation, he never carried a gun. They never locked the door of the house and used to leave the keys in their car. The telly got nicked once and they just shrugged and said that they hoped the person needed it more than they did.

That was enough for me to shape my current outlook.

 

Anyway, that was a load of waffle!

 

Good luck to the OP, will try and dig out our old contract.

[RichardH]

People can be very plausible - we trusted a nice chap from a reputable company called 'Nottingham Boat Sales' to sell our boat. The phone went dead, the boat has vanished and now the police are involved in what appears to be a detailed fraud investigation.

 

I think the moral of the story is 'Don't do it'

[Athy]

I would tell him to put his deposit in a high interest account.

 

Rick

...to which he might justifiably reply "A what?"

If a direct debit was set up to make the staged payments, surely there would not be much risk?

Edited March 1, 2015 by Athy

[Jerra]

...to which he might justifiably reply "A what?"

If a direct debit was set up to make the staged payments, surely there would not be much risk?

What happens if there isn't enough funds in the account or the account is closed?

[Athy]

What happens if there isn't enough funds in the account or the account is closed?

I'm not a lawyer, but my understanding is that with a direct debit the payee controls the transactions, unlike a standing order where it's the payer who's in charge.

[pearley]

I don't think the banks would let a private individual operate a direct debit system.

[Paul C]

...to which he might justifiably reply "A what?"

If a direct debit was set up to make the staged payments, surely there would not be much risk?

 

How do you set up a direct debit as a payee? (PS I know the answer).

[sueb]

And the answer is?

[Jerra]

I'm not a lawyer, but my understanding is that with a direct debit the payee controls the transactions, unlike a standing order where it's the payer who's in charge.

I can't speak for the closed account but if there aren't sufficient funds the bank will not pay the direct debit. It isn't difficult to engineer not having enough funds in your account.

[bottle]

No money in account, we no payee.

 

Does not matter what set up you have, Direct debit, Standing order etc.

[Laurie Booth]

Ask the buyer to try this link for a loan.

 

http://www.buckys.co.uk/boat-loan/

[Nestor Espinoza]

Thanks a lot for the comments.

 

Thing is, this is not a big boat, I am not risking my life savings or my pension, and for many reasons it would be extremely convenient to sell the boat tomorrow. I haven't has much interest so far, which is why I am considering this offer. My alternative is to drive for a week to leave the boat at Whilton on brokerage.

 

Here is an idea, what if I ask for the down payment in cash and six post-dated cheques? I figure it would be easier to claim payment on a cheque than on a contract, Also, that way I would get full payment when handing over the boat, essentially with a gentleman's agreement not to cash all the cheques at once, which would not be in my interest anyway.

 

It used to be a common way to buy and sell back home in Chile some years ago, when penalties for bounced cheques were high.

[kingswood]

sounds dodgy to me if he cant afford it someone else will

[David Mack]

And what will you do if the cheques bounce? You're no better off than with a promise to pay the future instalments.

[mark99]

I can't believe the OP is still holding onto this idea.

 

Risk assessment would suggest abort. You don't have to take the risk.

[Texasboater]

If you accept the 30% down....I have a lovely piece of Ocean Front property in Arizona for sale, Oddly enough for that exact same amount of money!

[Jerra]

Here is an idea, what if I ask for the down payment in cash and six post-dated cheques?

Personally as everyone else is saying I wouldn't risk it. They make out 6 cheques hand them over go straight to the bank and close down the account and move.

 

Where would you stand then?

[MtB]

Thanks a lot for the comments.

 

Thing is, this is not a big boat, I am not risking my life savings or my pension, and for many reasons it would be extremely convenient to sell the boat tomorrow. I haven't has much interest so far, which is why I am considering this offer. My alternative is to drive for a week to leave the boat at Whilton on brokerage.

 

Here is an idea, what if I ask for the down payment in cash and six post-dated cheques? I figure it would be easier to claim payment on a cheque than on a contract, Also, that way I would get full payment when handing over the boat, essentially with a gentleman's agreement not to cash all the cheques at once, which would not be in my interest anyway.

 

It used to be a common way to buy and sell back home in Chile some years ago, when penalties for bounced cheques were high.

 

 

The thing is, there is a chance you'll only get the 30% for the boat.

 

There is also a chance you'll get the other 70%. The size of this chance depends on the ethics of the buyer. How can you assess this? By meeting them and making a personal judgement on their attitudes and honesty. If you are willing to take the risk of standing by your assessment of them and willing to take the chance on losing the 70%, then go for it. The upside for you is not soaking up a week of your time taking the boat to Whilton and not waiting potentially endlessly for a sale (less commission).

 

Only you can make this judgement. Only you know how much it will hurt (or not) if your buyers shit on you.

 

Hopefully this helps clarify your thinking...

 

MtB

P.S. Bounced cheques cost the cheque writer and £20 here in the UK. Nothing more, no other consequences.

[Southern Star]

The bottom line is that if the buyer is good for the money, then the bank will lend them it, they will hand it over to you and off you go into the great blue yonder.

[MHS]

Here is an idea, what if I ask for the down payment in cash and six post-dated cheques? .

"Boing, Boing, Boing, Boing, Boing, Boing" said Zebedee

[Peter X]

Direct Debit is a non-starter, not only because a bank won't let an individual have one, but also because while it's true that the payee controls how much is taken and when, that only lasts until the payer cancels the DD, which they can do at any time. At least if you have 6 post dated cheques it'll cost this person £120 (at the fees quoted by MtB; other banks' charges may be different) to get the other 70% of your boat.

 

If the buyer is genuine, they can get a bank loan. If they refuse to do that, it's because either they cannot get the credit, or they don't intend to pay you. Either way, don't do it...

[Athy]

Trust is a marvellous thing, when it works for both parties.

I wonder if you could find a company which will carry out a credit check on the buyer? Dun & Bradstreet springs to mind, though they may deal only with businesses.