Selling my boat w/mo. payments
 

"Eddie" wrote in message
...
Ok, this may be really dumb on my part, knowing that if I sell my
house and carry the note and it defaults, I know they can't take the
house somewhere. But I've been offered a monthly plan with 15% down
on my $17,000 Regal. Payments for 4 years with 6% interest.
The person is a professional with a good paying job and I have
everything from him to check such as personal references, work
references, and rent references. He claims he's been a victim of
identity fraud and thus unable to finance through a bank.
My gut feeling is the guy is ok, my daughter says no. She says let
him fix the current financial problem, wait 6 months or so and if I
still have the boat, get him to try financing with a bank.
Anyone out there with an opinion? And yes, I would keep the title.
But there is the chance that he could just motor on down to Mexico or
whatever, right?
How easy is it to get away with boat theft? Do the hull numbers mean
anything? Could one simply trailer it to another state and get some
kind of registration?
Thanks for any insights and help on this matter.
Eddie


Bad idea. When the romance with the boat ends, he may just say screw it -
and you would have a hard time enforcing payments for the rest of it.
Remember, the best scammers are the ones that make a good initial impression
on you. There are mechanisms to clean up your credit report - and it's not
all that hard. A fellow employee with the same name as his dad had similar
issues. His dad using his SS took out credit cards, loans, etc. It took this
guy 3 months to clean the slate. It could have been quicker if he pressed
it.

Credit agencies are under a lot of heat to make sure identity theft doesn't
screw innocent people. Especially now.