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Andrea, Esq.
Andrea, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 12554
Experience:  25 yrs. of experience in employment law, real estate and business law, family law, criminal defense and immigration.
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A boat dealer sold my used boat. The dealer said it was financed

Customer Question

A boat dealer sold my used boat. The dealer said it was financed through a credit union and are waiting on the money. This was 3 weeks ago. The dealer already gave possession of the boat to the buyer. What time frame is allowed to get the funds from the sale? Can the dealer give possession of the boat without funds?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Andrea, Esq. replied 1 year ago.

Hi, my name is ***** ***** I will be glad to Answer your question,

1. You stated that the sale was financed through a credit union. I noticed that the dealer used the past tense in saying that "...the sale was financed..." By definition, it means that the financing has already been accomplished and there is no reason to believe that the dealer has not received the money. Otherwise, the dealer would have said that "the buyer is arranging financing" or "the buyer is looking for financing".

I cannot comment on any "time frame" because you have not stated what, if anythng, the dealer told you that the buyer had to submit to his credit union to obtain the necessary financing;

2. My personal belief is that it is financially dangeous to give any purchaser the item he is buying if he has not obtained at least an "Approval" of his loan application for the financing. Here, the dealer was not able to confirm that the buyer was successful in obtaining financing, yet he allowed the buyer to take possession of the boat.

Neither was the dealer able to tell you if the buyer had secured an insurance policy on the boat which would protect you if anything happened to the boat before you were paid in full.

You should write to the dealer, informing him that since he gave possession of the boat to the prospective buyer, then you expect him to send you the poceeds from the sale within three (5) calendar days from the date of your letter. PERIOD!

Send the original by Certified Mail, Return Receipt Requested, send a copy by regular mail and keep a copy for yourself.

If you do not receive a satisfactory reply fom the dealer, then depending on what the dealer says, you should file a lawsuit against the dealer for either the return of the boat, or payment of its fair market value.

I suggest lawsuits only as a last resort, but in your case, you have given up your boat to a dealer who is basically non-responsive and someone who is taking unnecessary risks with poperty that belongs to you.

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Kindly leave a positive rating so that the website will give me credit for Answering your question,

ANDREA


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Expert:  Andrea, Esq. replied 1 year ago.
Hi, I see that you have had the opportunity to review my Answer. Is there anything I can clarify for you ? If not, please be kind enough to leave a positive rating. It does not cost you anything to leave a positive rating, and it is the only way that the website will give me credit for assisting you. Thank you for understanding,
Kindest Regards,
ANDREA

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