Trade vs Sell?

[datilus]

Hey guys, i was curious, not even sure if this is possible. I have 2007 285XL with a yammie 150. I am looking at getting a larger boat (a 294, 200 or 201). My question is do you think I have a better shot at selling or trading in. I know I will get more if I sell, but with this economy... I also bought the boat off my 'line of credit' from homes equity. So I have the title, but technically it's not paid for. Is it possible for a dealer to even do a trade on it, possibly cut a check to my 'bank' for the amount they will give for the trade to pay off/towards the bit left on the line of credit and credit the rest towards a new ride? Kind of confusing I know. Also any guestimates on what I could get for the boat. Has a MK maxxum 80lb TM, HB 323 in the bow, and 787c2 in the dash. The only problem with the boat is the water psi gauge not working, but I'm waiting for C&O to get the part in. Thanks!

[Blue Steel]

Why not contact Joe at C&O...see what he would give you in trade...awesome deals there now. 09's need to leave in order for the 2010's to have room.

[Todd Morgan]

You have to figure it this way.......the boat is purchased by the line of credit.....but it isn't collateral. Whatever you used to secure the line of credit stands good for the entire amount of the credit.

Now......if you trade the 285 in on a larger boat, would you use the line of credit to pay the difference or get a new loan? If you use the line of credit, the value of the 285 is rolled into the new boat so the 285 value is still used to offset the cost of the new unit.

If you get a new loan, you can claim the 285 at whatever value you choose and have that amount paid back to you to pay the line of credit down.

For example:

29500 for a new 294
17000 trade for the 285
12500 check from the line of credit and the deal is done.

or

29500 for a new 294
17000 owed to the line of credit and 17000 allowed for trade.
29500 for a new loan and the dealer pays 17000 of the loan to you to repay the creditor on the 285.

[billybass]

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Blue Steel &raquo;</TD></TR><TR><TD CLASS="quote">Why not contact Joe at C&O...see what he would give you in trade...awesome deals there now. 09's need to leave in order for the 2010's to have room. </TD></TR></TABLE>

[datilus]

Looks like I will be calling C & O soon! About a 10 hr drive for me, but from all the praises I see here, it will definately be worth the trip! Thanks for the info guys!

[billybass]

It's a 12 hour drive for all of us here in the Norfolk, VA area, and right now we have 6, next week it'll be 7, boats from C&O here.

[rodbender1]

10 hours from East Texas, and would do it tonight if I needed to.

[Blue Steel]

datilus...can't wait to hear which boat you bring home

[Ohirolina]

One item to consider..........just so you don't get a huge surprise in about 12 -24 months...............When you purchase a boat out of state, you will need to pay NC sales tax on the full amount of the purchase. NO ALLOWANCE is given for your trade in by the state of NC. I found this out after purchasing two boats in a 28 month period. Had to come up with $2300 to keep the state happy.
SIDE NOTE: I still saved money making the drive to C&O, considering the prices quoted to me by NC dealerships. One company from the Charlotte area was 9K higher

[jovous21]

The one thing I love about South Carolina is that the boat could coat 50k and it would only cost you $340 or so bucks for taxes and registration.