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  1. #1
    Join Date
    Jul 2008
    Posts
    7

    Unhappy Used Boat Purchase

    My question involves a consumer law issue in the State of: maryland hi ,im new to the board.i have a question involving the purchase of a used boat from a marina in charlestown md. may 30th i signed a purchase agreement for the price of 14500 contigent upon satisfactory survey of boat and sea trial and financing.boat and sea trial went well. i aplied for a loan of 11000 and i was going to put 3500 down on the loan to make the payment within a reasonable amount i thought i could afford .loan would have been 11000 ,10yrs at 8.9 % 139.00 per month.well i was aproved for this amount. well before i could take possesion of the boat i had a leak in my house. it cost me 2250.00 to get it fixed. i no longer have the money to put down on the boat to coinside with the 11000.00 i was aproved for.called bank told them of my dilemma,they told me i could try another loan application at 14500.00 10 yrs at 10.9 % payment would have been 202.00 per month .the new payment was to high for my liking.so i told them no. well the marina decides not to give me back my deposit because i qualified for the first loan.i told them that i lost the money i needed to use for my down payment.and i could not afford the new monthly payment.i need to know that the fact i put contigent upon satisfactory sea trial,and survey,financing on the contract can i take him to small claims court to get my deposit back. i thought by putting finance on the contigency line ,that the finance would have to be acceptable by me also. thank you for any help i really do apreciate it , anthony

  2. #2
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Used Boat Purchase

    You can certainly take them to small claims court to try to obtain your deposit back. You might tell them if you don't get your money back, you will take them to small claims court. Maybe they will give it back rather than go through the hassle of court.

    Good luck.

  3. #3

    Default Re: Used Boat Purchase

    While that may work, you are not entitled to a refund. Your financing was approved.

  4. #4
    Join Date
    Jul 2008
    Posts
    7

    Unhappy Re: Used Boat Purchase

    thank you for your replies.i calles him and he told me to take it to court because he would win and i would also have to pay his court cost and other cost associated with it. i suppose he meant lawyer fees.i just felt that financing had to be appoved by me also.i feel just because a bank gives me loan i have to agree to its terms and be acceptable by me.i mean if the bank said your approved for a loan but were going to charge you 20% and 5yrs instead of ten.am i suppose to accept it ? thanks ,anthony

  5. #5
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: Used Boat Purchase

    Quote Quoting anthony2838
    View Post
    thank you for your replies.i calles him and he told me to take it to court because he would win and i would also have to pay his court cost and other cost associated with it. i suppose he meant lawyer fees.i just felt that financing had to be appoved by me also.i feel just because a bank gives me loan i have to agree to its terms and be acceptable by me.i mean if the bank said your approved for a loan but were going to charge you 20% and 5yrs instead of ten.am i suppose to accept it ? thanks ,anthony
    You have to accept whatever the banks terms for the loan is. If they charge you 20% for 5 years then yes, that's what it is.

    You definitely have the option of saying no, but if you agree to the terms and sign, it's a valid contract with terms and conditions explicitly spelled out.

  6. #6
    Join Date
    Jul 2008
    Posts
    7

    Unhappy Re: Used Boat Purchase

    but is it valid if i havent signed i did a loan over the phone with russo financial. i didnt agree with the loan. i called them before they called me to say i was approved.they were still waiting for paperwork from marina and owner to finalize the loan approval.i believe they were waiting on the payoff amount and what bank the owner had her loan thru.thank you a. patrick

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