Legal Question in Consumer Law in Texas

Watercraft Bill of Sale
I am selling a boat to someone under the understanding that I am acting as the bank giving him a one year monthly installment loan at which time that the one year is up, he will get the boat financed through his own bank. If he does not purchase the boat in his name at that time, the boat will be back in my possession and the contract will expire and the boat will return to me where I will continue to make the payments to my bank. The boat is still under a lein with my bank. Basically, he will be leasing the boat from me for one year and then a balloon payment will be due at the end of the year. There is no interest involved, he will pay what I pay my bank. I have come across forms relating to Watercraft Bill of Sale (which doesn't express monthly installment terms) and it seems that a state promissory note is more applicable to the terms I wish to use. Which form should I use? Should I use both?
Thank you,
Jeremiah

Asked on 5/24/06, 12:52 pm

Peter Bradie Bradie, Bradie & Bradie

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Re: Watercraft Bill of Sale

If you're going to act as a bank, do what the banks do.

You're running the risk that at the end of the year neither the money nor your boat will be seen.

If his credit is so lousy that he can't buy the boat outright, why should you take the risk?

Answered on 5/24/06, 4:26 pm

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