www.iFourWinns.com

Okay, it ain't to that point yet, but I've been out of work for 6 weeks and money is now getting tight on one income. Just looking for some advice from fellow boaters. Ever been in this position? I may be working at Target during the week to be able to have a boat to take the kids out on the weekend. ugh

Fwiw...my father in law (gotta hug him for this one) has offered to get a loan to me if it gets down to not being able to make a payment. But honestly if unemployed at the end of summer I'll probably have to sell.

What's funny....is I know how crappy the boat selling market is so I'm not actually that scared of it being sold very quickly.

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2005 Horizon 210, 5.7L Volvo

I am feeling your pain. I have my car for sale since I am out of a job as of this summer. I am trying to sell it for less than I owe just to save my credit and I can't get a bite at all. Hope it works out for you.

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Todd
1988 Four Winns Horizon 200
AKA "Summer School"

I have been unemployed since early January...and I am only 2 years out of school.

My extra car I have been building since HS is up for sale for emergency cash. Luckily my boat was paid for in cash, and my wife does pretty well for herself. Also all our vehicles are paid for, but that doesnt mean they arent going to need major repairs soon...

None the less this is not fun, and light at the end of the tunnel I see being very far away. My student loans come back to life in January. That is what I am scared about.


I would put it up for sale and see if someone bites, if you foresee not being able to make the payments its defiantly worth a shot, and in the mean time you should be fine using it. Better safe than sorry.

Sorry to hear about your situation, but your not alone!

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Rob

Present: 1999 Formula 280SS
Past: 1989 180 Horizon

http://www.robcamerondesign.com

I am sorry to hear about your situation. I am no expert, but I hear people say as long as you pay the interest the bank is ok with it.

Is that true?

Best of luck Bill

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2001 Sundowner 235

I feel your pain! Wife was the money maker at our house, she got laid off just after thanksgiving weekend. Just a week before she got cut we put the boat in storage!! She has since found something to keep us afloat But now my hours have been cut back, it looks like we will be sitting in the boat in the back yard a few weekends vs. going to the lake. we are just going to have to limit use this season.

If you can 'sell' the boat to the father-in-law, this will get it out of your name and it will still be in the family for your use, that is an option.

You must get in touch with your bank and see right now what they are willing to do for you if it comes down to you not being able to make a full payment. They just may work with you.
Our bank let us refinance our car to get the payment down to where we could afford it since selling it 'used' was not going to help.

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2000 248 5.7L DP
'92, '94 SXI 750, '08 STX 15F, '12 Ultra LX 300
Videos

Sorry about your situation. Not uncommon these days. If it were me, either food on the table, and roof over my head or keep the boat. Without hesitation, the boat would be gone.

Bank Re-Po's are up at an alarming rate. From Boating Industry E-zine.



Best of luck, and I hope you can work it out somehow.

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One of 4 Previous (Sold) Boats:
2000 Four Winns 268 Vista

Current Boat: 2004 Chaparral 235 ssi cuddy

Not without discussing it with them. Banks like stability, not surprises. Nor do they like owning assets. They much prefer to keep the property with the borrower instead of taking a bath on it through repossessions and auctions. But you need to talk with them, not just start screwing around with the payment amounts on your own. This is not something you can just decide without their cooperation. Hard times mean hard choices, but not everything is a cold, hard calculation. Talk with them. If you let it get to the 'hide the asset' stage you're only making it a lot worse.

Economies are cyclical and good times roll around again eventually. Sometimes that means having to get off the Merry-Go-Round in the meantime. You'll eventually be able to ride again. I remember the mid-80's and then again in the early 90's, it was rough. But markets come around, you get a little older, a little wiser and accumulate better experience and assets along the way. As the saying goes "when you're going through Hell.... keep going."

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-Bill Kearney, 2005 348 Vista

Yeah, hiding would not be an option.

The interest only payment option is a good idea, and one I hadn't thought of. I do agree it makes sense to contact the bank first and work something out.

Worse case scenario if come August I'm still unemployed it's gone. There's always another boat out there to buy when things pick back up.

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2005 Horizon 210, 5.7L Volvo

I am sorry to hear about fellow members' situations. I hope things turn around quickly. When it comes to "hiding" the boat, please be very careful. If, heaven forbid, you DO have to head to a bankruptcy situation this is the type of thing the bankruptcy courts absolutely hate. Additionally, it could be considered fraud. I would consider talking to an attorney before making this move to be sure you go about it the right way. I would hate to see anyone here get themselves into hot water by making a mis-step.

I tweaked the post subject so that no one actually thinks I would do that.

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2005 Horizon 210, 5.7L Volvo

I didn't mean to accuse anyone of improper conduct. I just don't want to see anyone here get themselves into a position where someone who matters (judge, prosecutor, etc.) is accusing them of improper conduct.

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Paul
2007 Four Winns Horizon 220
Mercruiser 350 Mag MPI w/ Bravo III Drive
2004 Ford Explorer Limited (V8-AWD)
Pomme de Terre Lake (Southwest Missouri)

Called ford motor credit to talk to them about my car since I am losing my job. The only response I got was call us and tell us where to pick it up. No help. I am not giving the car up though and will find a way to pay it off. If I was you and it came down to it and the bank wouldn't work with you then let them have it and buy an old boat for cash that you can play in if you can. You can get a decent boat for 3500-5500 if you look around.

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Todd
1988 Four Winns Horizon 200
AKA "Summer School"

I love the title, "Jobless and looking to keep boat". Clark Howard (consumer advocate) would be so proud. Just kidding, but it did make me laugh because it usually goes "Jobless and looking to keep roof overhead". Sell your boat immediately and even if you have to write a check to get rid of it, do it. Instead of getting a loan from your father-in-law to maintain a money consuming luxury item, get a loan from him to dump the thing. I was a two boat owner for numerous years and I wrote a $10,000 check to get rid of my bigger boat last year. Smartest thing I ever did. Good luck.

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Current Boat: 2000 Four Winns 298 Vista
Previous Boat: 2000 Carver 406MY

Bravo!!! Well said "298Vista2000"

I have been thinking that there are many people that should be attempting the same thing with all their toys!(not just guys here!) Try to sell now before the market becomes saturated with toys that a buyer can be picky about choosing the exact one he wants. People need to look seriously into their futures... My wife says i'm pessimistic but I call it "realistic"

I have been considering selling my boat too.... When I look ahead at my job situation it seems to be secure but when you work for a private business anything could happen. We currently only have a couple of major projects that I am managing and after July 1 they should be complete and we have not been able to successfully bid any other projects. Our regular staff of 25 field men is down to 6 or 7 and the future is dim ?.....

My boat is paid for and if I sell in the spring I should be able to maximize it's value and that cash will carry me through for a year (Wife works for government so her salary is secure and safe?) I will go out on the water with my buddies and we can always look for another boat or an older one next year or even this Fall if the future looks good!

A boat is not an "essential"; make sure you have shelter, food, and cheap, reliable transportation to get you to work, build a small nest egg for unforeseen circumstances and make SURE to be putting aside some money for your future (RRSP, 401K etc..)

Sorry to rant but if I help only one person snap to "reality" I will be happy.

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Marc, Kathlin & Nathalie


'89 Chaparral Laser 32

'93 Vista 245, 5.8L w/ King Cobra

Former Boats
'01 H260, 7.4 VP Duoprop
'98 H200, 5.0 GL w/VP SX drive

Re: the father in law loan. It was more a matter of him and I discussing it and agreeing that if needed he would help with a payment if the other option is to sell it for a loss. And we agreed that at a certain point luxuries can be parted with.

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2005 Horizon 210, 5.7L Volvo