bankruptcy of sales agency

mpdan · #1 (**permalink**) 08-22-2010

I am preparing to purchase a new boat. I have found a single post that Bay Yacht agency has a record of bankruptcy. If I mail in a deposit, how do I know it is safe and I will get my boat?

Stillraining · #2 (**permalink**) 08-22-2010

Be up front with them of your concern and have them provide the Escrow agency/bank they use...Then agree to mail it c/o them....with a signed copy of your purchase agreement with correct terms and conditions.

If they refuse...run!

Im self employed...have never filed Bankruptcy and still have customers every-once in awhile that require proof of lien releases on materials I have provided from vendors.....It doesn't bother me in the least.

This should be just another boat sale to the broker...to a legitimate one, any way to get that done with good faith on all quarters is OK by them.

FWIW a bankruptcy doesn't automatically mean some one is a crook....we have come close more then once....being in buisness is tough and not for the faint of heart..

mpdan · #3 (**permalink**) 08-22-2010

Should I call Jeannea directly or would that be a waste of time?

Stillraining · #4 (**permalink**) 08-22-2010

Where do you live? I have a friend who owns a Jeanneu dealership...Maybe he could advise you.

blt2ski · #5 (**permalink**) 08-22-2010

I was going to say, order from another dealer. BUT< I believe, do not quote me, talking to the fellow Stilly is mentioning may be worth verifying. I believe the dealerships get commisions based on where the buyer is on new boats. At least "some" of the manufactures work that way. If Jim the pres. will not talk to you, maybe Dan who is the VP of the company will. Not sure that buying a boat out here in seattle will be worth it to you.

But looking up the company, it claims they have been in business since 72. It is possible, due to many different kinds of circumstances, that they did do a BK. I know of one company locally that did a BK late last year, As the bank that had their 10Mil line of credit called the loan in, and wanted it paid with in 30 days, that gave them no option but to BK reorganize the debt on there terms, not the banks. This dealership may have had a similar issue.

marty