sunman 0 #1 November 26, 2003 I sold my boat a while ago so I could afford eye surgery. The only person who wanted to buy it was this lady that wanted to make payments on it. Now normally I wouldn't do something like this, but this is the Keys, and it's not uncommon for people to make these kind of agreements. A marine mechanic once let me take my boat home before I paid him for service, for example. I'm not completely retarted, however, so I did make her sign a contract. She had a down payment of $675, then $300 per week until the boat is paid off ($3000 total). She holds the boat, I hold the title until it is paid off. In the contract I included a $5 per day late fee for any payment not received in time, and (this is the important part) if any payment is more than ten days late, I get to keep all the money and the boat. I put those clauses in there just to make sure she would make payments on time. I never thought I would actually have to repo the boat. But here I am on the eve of DAY 11, the day when one payment is over 10 days late. She is $750 behind in payments plus late fees, getting money from her has been nothing but a pain in the ass, she moved without telling me and I had to track her down, and my patience is wearing thin. She's paid about $1700 for the boat so far. Should I feel like a total dick when I repo the boat tomorrow, or does this lady deserve what's coming? What if she has a good amount of money and can come current on payments tomorrow? Should I take the boat anyway? I have the title and a contract that she signed, so she can't do anything about it, right? By the way, the boat is a 20 ft. Checkmate with a Johnson 225. It's insanely fast and cool as hell. Quote Share this post Link to post Share on other sites
freeflir29 0 #2 November 26, 2003 I'd repo it unless she can pay you in full tomorrow. However, before going to see her I would stop by the local Sherriff's Department and discuss it with them. They may escort you out there....or at least they will know what's going on if they get a call later. Get names of the Deputies if they don't escort you. Quote Share this post Link to post Share on other sites
TheAnvil 0 #3 November 26, 2003 Dude, if she hadn't moved without telling you, I MIGHT have reservations. Being a landlord who has had to evict some folks for non-payment of rent, however, I have a distinct dislike for that sort of behaviour. I say take it back. A couple of questions: Was the contract signed? Any witnesses to the signature? Was it notarized? Did a lawyer draw up the contract? To be safe, I would send a certified letter to her address with a copy of the contract, stating your intent to repossess the boat in X amount of days. Also contact the local sheriff and send a courtesy copy to his office as well - or go there yourself in person and hand carry it. There might be some in-state legalities regarding reposession. Anyway, I say do it. Deadbeats who don't pay their boat-notes are like deadbeat renters - asshats.Vinny the Anvil Post Traumatic Didn't Make The Lakers Syndrome is REAL JACKASS POWER!!!!!! Quote Share this post Link to post Share on other sites
tbrown 26 #4 November 26, 2003 I would only let her keep the boat if she pays in full. Otherwise you're going to be in more shit misery until you decide to repo the boat next week. Just do it. Your humble servant.....Professor Gravity ! Quote Share this post Link to post Share on other sites
MC208B 0 #5 November 26, 2003 call the note and if she doesn't pay you in full, go get the boat Hey, that rhymed! Quote Share this post Link to post Share on other sites
Nightingale 0 #6 November 26, 2003 it isn't even really a repo... you still hold title. the boat still belongs to you. also, see: http://myfloridalegal.com/pages.nsf/0/9707bb48d49ce38985256cc9004e3ee5?OpenDocument for info from the florida atty general. Quote Share this post Link to post Share on other sites
PhreeZone 20 #7 November 26, 2003 My vote... Enjoy playing with the boat this weekend Go through the Sheriffs before you do anything though.Yesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
Lee03 0 #8 November 26, 2003 Like everybody here so far has said.. go get your boat back!-------- To put your life in danger from time to time ... breeds a saneness in dealing with day-to-day trivialities. --Nevil Shute, Slide Rule Quote Share this post Link to post Share on other sites
vdschoor 0 #9 November 26, 2003 Go get the boat!! My parents have been through the same deal with a mobile home they sold.. nothing but pain.. They went back, repo'd it and contacted the people that they could get it if they would show up in a week, or at least get in touch. They didn't so they sold the thing again! ha ha.. Made even more money off of it than they originally had asked for it. Quote Share this post Link to post Share on other sites
PhillyKev 0 #10 November 26, 2003 I don't think the clause you put in there about taking the boat back, keeping it and all the money they paid is legal. I'm pretty sure you have to sell it for a reasonable price and any money above what they owe you and your costs for the repo go back to the debtor. Quote Share this post Link to post Share on other sites
riggerrob 643 #11 November 26, 2003 Given her tardiness in paying, you should repossess the boat, just keep the sherriff informed. If you want to clear your conscience, give her back her $750. Quote Share this post Link to post Share on other sites
RevJim 0 #12 November 26, 2003 She's paid $1700 of $3000, moved at least once without informing you, and has been quite difficult to deal with? She, according to that above math, owes you $1300. Hell, for $1300, repo the damn thing and I'll buy it! It's your life, live it! Karma RB#684 "Corcho", ASK#60, Muff#3520, NCB#398, NHDZ#4, C-33989, DG#1 Quote Share this post Link to post Share on other sites
