I saw a boat just like this one Tuesday at lakeside trolling motor repair. Lake Fork. Installing graphs on this boat

if you signed a consignment agreement with them I wouldn't tell the law folks it was stolen it could be a big pain for you .

It sounds like a simple case of stealing from Peter to pay Paul. If the buyer had financed through a bank then it should have been wired directly to your bank. It sounds like a poorly run small business and they were using the funds for your boat to float other bills until they could get the money from somewhere else to pay you. If his funds do go through to pay off your boat, do not sign anything until you have funds wired into your bank,

What kind of contract do you have with the company? That should spell out everything in the deal for you and the lot. When I worked at a local department, we wouldn't be filing a stolen vehicle report on it at this time, depending on what your contract states because you voluntarily gave the vehicle to them. Our DA would require you to send a written demand for return of the vehicle giving so many days for it's return before we could classify it as stolen.

Your best route would be an attorney right now.

make sure the lien holder sends you the title. so you get the rest of your money. he needs the title for the buyer still. unless there way to get around it.

The point of reporting it stolen is simply a formality to begin the legal process. BUT after months of this nonsense, the day I break and take this thing public was enough for him to drive down to the bank and personally wire the money. The finances have hit my account and all is well.

Thanks again for all the advice and PMs. I hope you guys never have to deal with a situation like this.

That's great! End of story. Happy one, too.

I figure it's either this or they have spread themselves out to thin financially and are having to run their business like a Ponzi scheme of sorts having to sell other boats to complete deals on previously sold rigs....... I bought my last new pickup during the GM bankruptcy. The dealership I bought my truck from took almost 6 months to get my tags. Right after I got my tags they shut the doors. I think they were running a ponzi type of deal too.

makes me think I'll just keep my boat until it crumbles into small pieces.....

Well McGoys Toys sounded like a shady or even fictional dealership anyway who in the world had a name like McGoys anyway. Glad you were able to get your money.

I dont understand how you got in this situation to begin with. For me the best way out of this starts at the beginning. When I sell something, I make the transfer only after I receive the money. Buyer and seller walk away clean. Relying on the legal system and law enforcement are your last, and most expensive, and time consuming resort. Anyway, after the fact, it looks like you did the right thing, cause you got your money. Good Job !

Read the post, he had the boat on consignment, it was not a FTF deal with someone. I'm guessing the guy paid cash to the dealer for the boat and they used the money to pay bills or something else. A case of rob Peter to pay Paul.

I went to the website and they seem legit as any other consignment sales dealer in the area. They have several boats on consignment right now. If I owned any of those rigs I'd get my rear end over there and get it back.............
http://mcgoystoys.com/boattrader.html

They have been in business for a long time and I have not heard one good story about them. You need to be demanding the difference between the sales price after their commission and the loan payoff now.

For others who consign stuff for sale with a lien on it, you should demand full payment be made to the lien holder who sends the title to the buyer, processes the loan balance and sends any remaining funds to the seller. From a buyer and seller perspective, the lien holder is a neutral third party.

You can call your bank and arrange for the Dealer to pay your bank the full sale price for the boat. Then your bank will pay you directly what is left after payoff. That way you don't have to wait on the dealership. Also, when the dealership gets their hands on the titles it is their boat to sale although they might just payoff in the name of the new buyer and cut themselves out of the paper trail altogether leaving you missing the equity in the boat. A call to your banker is in order either way they need to know what to expect.. Better advice would come from your loan officer of the bank where your lien is.

Jody

To the OP.. I'm in the same situation as you with Mcgoys Toys scam. I had a wakeboaring boat that I was selling for 40 grand go missing. After a few calls I stumbled upon detective who's snickering suggestions that I just lost my boat and possibly never get money for it gave me the chills. Apparently Jesse sold my boat to some guy in SC and kept the money. Jesse forged the papers and claimed the boat had no liens. The incompetency of the new lender failed to investigate any lien holders on the boat and took the crooks word for it by clearing the check in his account. How the cop now calls the sale "legal" is beyond me. I've called just about every resource I've had and now I'm at the edge of my seat waiting to see what happens next.

It infuriates me on this fine weekend to know there's a guy using my 40 grand boat while i sit here with a loan hanging over my head. I've spoken to the decective and his captain and the answer I got on both account are less then helpful, in fact I get the feeling they are getting a kick out of my situation.

Please get in contact with me, in a situation like this, it would be wise to stick together in case one of us gets ahead of the crooks.