Contract advice

[Underarock13]

Well today me and wife decided to buy a boat. Agreed on price with sales and had the buyers order written up.

This document said what my payments would be with the different warrantys selected and the length of the loan. But it was still just a buyers order. Was not like the mounds of paperwork when you buy a car. It was one sheet of paper with numbers. Agreed on price and signed and paid %10 down. And it was the buyers order selecting the warranty and showing what the monthly payment would be through the selected banks terms.

I asked if that was it and the salesmen said no their will be a ton of paperwork for you to sign come Tuesday. My question is if this is just a buyers order even though Ive paid 10% down, I'm not legally obligated to this loan contract yet right? I know I would probably take a penalty on getting my 10% refunded but does it sound like its to late.

I have signed no bank paperwork outlining a contract. Just one paper saying buyers order selecting warranty and monthly payment amount.

If this helps this is in the state of Alabama.

Advice please.

 

[MADDOG]

The buyer's order can be a legally binding document in some states, i.e., you agreed to buy the deal with a second party.

Did you get a copy of it? It may have some legal language near the bottom.

You are correct in that 1) if you decide not to do it the seller could forfeit the 10%, and, 2) you have not agreed to any installment contract so you are not obligated to take or pay on a loan.

 

[RumRunner]

Agree with Maddog, but best bet is to check because laws vary by state. Some states have very protective laws for consumers. But I would think that generally they would have to sue you to get you to buy it based on the order. Also, it is kind of strange that they didn't have the bank documentation if they already got you approved for the loan. If they didn't already get you approved by the bank, then there is the possibility that the bank will not approve you for the terms on that document. If that turns out to be the case (say they want to raise the interest rate) then you should be able to cancel based on them no honoring the quote they gave you.

In MA, buying any vehicle, you have 3 days to change your mind. You might have something similar in your state, so I'd check it out.

 

[Hootbro]

I am not a lawyer and never played one on TV. That being said, I have never seen a buyer's order commit anybody to sign the final retail installment and payment contract that does eventually bind you to the terms.

 

[Underarock13]

Thank you guys . Me and the wife are arguing over the boat. She wants it and I don't want the payment lol. Yamaha 190fsh deluxe. I just feel I want to wait until the trucks paid off before another big purchase.

 

[dexter]

Well today me and wife decided to buy a boat. Agreed on price with sales and had the buyers order written up.

This document said what my payments would be with the different warrantys selected and the length of the loan. But it was still just a buyers order. Was not like the mounds of paperwork when you buy a car. It was one sheet of paper with numbers. Agreed on price and signed and paid %10 down. And it was the buyers order selecting the warranty and showing what the monthly payment would be through the selected banks terms.

I asked if that was it and the salesmen said no their will be a ton of paperwork for you to sign come Tuesday. My question is if this is just a buyers order even though Ive paid 10% down, I'm not legally obligated to this loan contract yet right? I know I would probably take a penalty on getting my 10% refunded but does it sound like its to late.

I have signed no bank paperwork outlining a contract. Just one paper saying buyers order selecting warranty and monthly payment amount.

If this helps this is in the state of Alabama.

Advice please.

Don't believe anything the saleman says.

The only thing that matters is what is written.

If it doesn't say you can get out of it ... you can't.

 

[Hootbro]

Thank you guys . Me and the wife are arguing over the boat. She wants it and I don't want the payment lol. Yamaha 190fsh deluxe. I just feel I want to wait until the trucks paid off before another big purchase.

Honestly, unless you are rolling in the dough, rent. The old saying of "If it flies, floats or f*cks, it is cheaper to rent", this holds true.

If you really want one, at least try to find late model used. Boats depreciate way worst than vehicle and buying a 2-3 year old model can save you some big bucks.

Making a payment on something that will sit in your back yard for 95% of the time, you will come to regret it every time you look at it.

 

[Underarock13]

Update*

We signed and everything was good. Now they've called me saying the bank didn't finance due to my wife's credit score. They want me to resign the contract in just my name for the same rates. Just wouldn't have my wife on it. I've already put 12.5 hours on the boat but I will like they broke contract so now more then ever I feel it's in my hands to give it back. They're driving from Alabama tomorrow just to hand deliver and get the contract signed. Debating on sending the boat back with them.

 

[kg93]

***** at them and tell them you want a better deal or they can take the boat back hahaha

 

[Pull Ya]

BOAT=break out another thousand. I know of what I speak! I promise, it will never end. Make note of the name of the boat. GONE thank God!!!!
Jay

 

[Hootbro]

............... Debating on sending the boat back with them.

It's a sign, send the thing back and wash your hands of it. At 25 years of age, either you are rolling in family money or extended beyond means owning both a late model RAM 2500 and a fancy boat.

If the wife's credit is flaky, sounds like there is overspending for "wants vs. needs".

 

[Underarock13]

Yeah, I'm just worried how much of a fight they're gonna make. I've done really well for 25. Not rich by any means but together we're bringing home about 70,*** with no house payment. Just added a lot more Ot and on call to my schedule. Wife's only 21 and just started working on her credit. It's not bad just she has none. Just worried if she got pregnant or something you know.

 

[Csanders1992]

I'd like to know how your swinging this no house payment haha. I'm 23 and I would love to get rid of mine. Also just an fyi, save now while you can. It's much harder once you buy a house. Especially on 70k. I make almost that and support my girlfriend and I. Not a lot of extra money


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[huntergreen]

do whatever you have to, but send it back with them. then learn about investing.

 

[Underarock13]

Just lucky dad busted his ass and gave us his old home. Nothing special like 800 square foot built in the 60s or something but it's in our name . I'm very grateful for it!

 

[Iron Outlaw]

You're lucky, I married into a house payment that is under water. Gonna refinance and use it for a rental.

I'd keep the boat and enjoy it because once you have a kid bye bye free time and boat. I have a 2 year old and my paid for jon boat sits in the garage because I dont have time to use it from working lol.