Must Sell????

[texas john]

I am seeing a lot of boats in the classifieds listed as must sell with price tags that don't look like they must sell it all that bad. I mean if I owed $30,000 on a boat and had to sell it I would graciously take 25 or 20 just to get that dam thing out of my hair. I know it is taking a loss, which we all hate to do, sucks bad. But if I has to choose getting a boat repossesed or paying off a $10,000 dollar loan, the loan to me seems easier and your out from under the majority of the boat loan. Anybody else noticing this or have any comments. I know with everything that is going on finacially right now, and I am not trying to make light of the situation, just wondering if anyone is thinking the same way that I am?

[sTony]

What makes you think taking 10k off the price of a boat is going to get it sold? I know of owners out there that have done that and not sold their boat.

sTony

[Robert F]

Sounds like you are a buyer John? I would suggest you look out of this State if you want to steal something. Other parts of the country may be more desperate than California.

[Dan McKenzie]

I know 3 different people right now, all of them with boats less than 2 years old, each of them have priced their boats WAY below their book value, and not even a nibble. Taking a loss is no doubt better (credit wise) than a repossesion, but there just aren't the buyers out there willing to spend the money at the moment. I think a big reason for this is the drying up of credit in home equity and 2nd mortgages, most of the people I know who bought boats over 30K did so with an equity loan. Personally unless you have cash I wouldn't buy a boat, and if you do have cash I think it best advised to sit on it for a while vs. spending it on a luxury item you might not be able to sell. The current situation may renew some interest in "shared ownership" especially in the top end catagory.

[kopper_bass]

I think most guys that "MUST" sell a boat, dont really need to sell it, they just want to so they dont have to start paying for it. 2 completely different motives.

Many guys that have a boat sponsorship have a 12 month deferrel, whereas they get the boat for X price and 12 months before they have to start to pay the loan back on it. its up to them to either sell it before then (hopefully at a higher price than they owe) or keep it and start paying the loan back.

in this economy, i would think that guys need to seriously think hard about the reality of "having a new boat every year". Just doesnt make much sense to me.

Kopper_bass

[texas john]

First off I am not trying to steal something as stated by Robert, I own a boat and am always looking at the classifieds for deals of all kinds. I appreciate stony's info as I was unaware of guys doing that. And Robert if you look at the statistics, California has been one of the hardest hit states by the current economy, if you don't believe me ask anyone that is in the construction/real estate markets. I am not trying to ruffle anyones feathers or stir the pot as some might think, I am just observing whats going on and was trying to get an idea as to why I am seeing this.

Thanks

[littlebailey]

i cant even get approved to get another boat. I know lots of people trying but their just not lending. You need a 720 or higher credit score and a co signer! Thats crazy. nobody but bill gates is getting a loan right now.

[Rick G]

i cant even get approved to get another boat. I know lots of people trying but their just not lending. You need a 720 or higher credit score and a co signer! Thats crazy. nobody but bill gates is getting a loan right now.

That is all BS Paul. The banks are looking to lend money as that is how they make a living. We have very little problem getting anyone financed and have multiple lenders to choose from. What the banks aern't looking for are people who's credit is stretched to the max, with short time on the job, and are renters. Also 0 down loans are harder to get as most banks want to see some downpayment. They are also looking very hard at the MFG you are looking at as lots of the "Fringe" boat companies out there are shut down or closing their doors with this economy. Go to your local boat dealer and my guess he can get you TCO. We get people financed every week with 500 FICO's. Rick G.

[Skeeterman]

RickG,
Whats wrong with your guys site its not coming up, also I can't get into see the showroom pictures?

[Robert F]

I know a lot of people that are selling their boats for good prices. That said, I have heard that there are more low ball than reasonable offers floating around out there. Every buyer expects that every seller is broke. That is the only reason to sell now, in a buyers mind.
I have seen more boats for sale from other parts of the country. There is the inconvenience factor in making an out of state purchase but the inventory is larger.
I sell Real Estate so I know about slow sales. Buyers are NEVER happy with the price of the product. Even in this market. Sellers ALWAYS feel they should get more. After the deal is complete a buyer gloats about the good deal he got, the seller wants to do it again. Just part of sales.

[Rick G]

RickG,
Whats wrong with your guys site its not coming up, also I can't get into see the showroom pictures?

Ya, you can get on our site at www.anglersmarine.com, but we are having issues getting to the new/used boat pages. Working on them as we speak. We have access to more financing options than most of the dealers up North. If you are looking give me or our sales staff a call. We will bust our butts to get anyone financed. Rick G. 714-666-2628

[littlebailey]

Your probably right Rick. You deffinetly know more than i do. I tried to get that Z9 and got laughed at even with a co signer and a down payment. I had to do it on my own and with out a dealer.I just dont have enough credit period. The people over at Tracker didnt feal like they should have to do the banking for me. Even after taking 9 months to fix my Jet boat..... that i still dont have back yet. But thats another story. Kinda sucks when you get a killer deal offered and you cant even take it.

[basstamer]

Banks are financing 500's so readily? I also was under the same impression that banks were saying no to people with even 'good' credit-guess I was misinformed huh? Thats good to know-maybe I will come take a Chanpion off your hands some day soon! Tight Lines-
Scott

[YZKEN250]

I am in the construction business and had to sell my boat last August. Put it up in the classifieds and sold it in about 30 min. Of course I pretty much gave it away, but I needed the money right away.