So Peters Opal has gone pop

[Sailfree]

Good point I had forgotten about the marine mortgage. I have always taken one out and as its a charter boat immediately paid off a large lump sum once I got the VAT refunded but I assume a Marine Mortgage is not Hire Purchase. So while the marine mortgage is secured against the boat they have no title to it while hire purchase the goods belong to the HP Co until the final £1 is paid!

Hence not sure it helps in fact even worse if you have lost all your own money and still further owe the marine mortgage amount.

 

[Nick_Pam]

My experience with Jeanneau was the same.....pay balance (and hand over part-ex) before new one leaves the factory.

I insured it from the day I paid as the Bill of Sale in my favour was dated on that day and therefore legally it was mine even though she was standing in Jeanneau's yard on a trailer.

IMO I would expect the manufacturers would receive a chunk of any deposit paid to secure a build slot and therefore, although the contract would be with the dealer, there should be some come-back on the builder.....??

 

[pelicanpete]

[ QUOTE ]
Where was the boat when you paid the balance? I had to pay mine before (i am assured) Jeanneau would release the boat from their factory.

My risk period was therefore the delivery period or did I own the boat in the factory?

[/ QUOTE ]

It was a US made boat (British spec.) and they handed me the Bill of Sale and keys at the same time as I passed over my cheque for the balance. The boat was in the marina outside their office and I took her out on a test run first, just to make sure all the systems worked.

 

[Sailfree]

For most of us the boat is delivered in bits abnd commissioned by the Uk distributer while you have already paid for all these bits.

I think Nick-Pam has it right. Title is yours when they hand over the bill of sale which I think was when I paid the boat balance but I'm such a mistrusting b*gger I held back the money for the UK fitted extras!!

 

[rwoofer]

I think different manufacturers have different arrangements for the finances. With my RM there was a 5% deposit and then 20% before build, 25% hull completion, 25% deck completion, 25% 2 weeks before delivery. Title is handed over on final payment whilst the boat is still in the factory. So in theory I'm quite exposed having paid 75% without holding title, which is the position I'm in at the moment (eeek!)

However I would have to say RM is a very small builder with only about 25 employees, so I can imagine not getting payments linked to progress would create too much of a cash flow challenge for them to actually exist - and I do want small companies with innovative products too exist!

Rather than tackle this issue with individual manufacturers I would like to see the marine industry come up with an across the board solution for everyone. In principle I'm fine with stage payments as long as there is a corresponding ownership in line with payments ie. if you have paid for hull and deck complete then you own that part of the boat. With a suitable deposit, say up 10%, this ought to work for all sizes of companies.

 

[davidwf]

When I bought a Dufor from Westwater Yacht Sales they took out an insurance policy covering the payments to the factory, so if Dufour went pop the payment was covered.

I felt a lot better hearing that.

 

[landaftaf]

surely there are enough of you in chi to club together and take over the marina now its gone bust ........comon - get a move on before someone else does /forums/images/graemlins/cool.gif

 

[Sailfree]

[ QUOTE ]
When I bought a Dufor from Westwater Yacht Sales they took out an insurance policy covering the payments to the factory, so if Dufour went pop the payment was covered.

I felt a lot better hearing that.

[/ QUOTE ]

I assume that was for the 10% deposit. I am not sure I would worry about a French manufacturer going bust as I am not sure that the French govenment would not step in to keep them in business and employment up.

Anyone know of a French manufacturer of anything going bust?

 

[Malcb]

Thought it was Peter's that had got problems, not Premier Marinas, or do Peters own the marina?

 

[Sans Bateau]

I WAS going to buy a brand new Bav at SIBS, my plans foiled by recent events. Now reading these recent posts, I think there is a strong argument for buying used or nearly new.

See it, survey it, buy it, own it!

 

[nicho]

[ QUOTE ]
surely there are enough of you in chi to club together and take over the marina now its gone

Premier own the marina (and the offices/yard/workshops) that Peters worked out of!!

 

[landaftaf]

aha ........ I see - we dont get that much coverage over the issue here in landaf /forums/images/graemlins/smile.gif

 

[Sailfree]

[ QUOTE ]
I WAS going to buy a brand new Bav at SIBS, my plans foiled by recent events.

[/ QUOTE ]

What for - as a tender to the Etap??

 

[moondancer]

The website has been brought off air.

 

[andymcp]

If this isn't a really daft question, since Peters were exclusive distributors for some of the brands in the UK, even if the manufacturers decide to take their boats to SIBS will anyone in the UK be able to buy one?

 

[Emjaytoo]

When we bought our Bav earlier this year, we paid a 10% deposit to Peters at the time of the order and the entire balance was paid over the day we took delivery. If Bavaria insisted on cash before the boat left the factory, then Peters bankrolled it, not us.

Maybe that's where they went wrong!

 

[copterdoctor]

I purchased my, 2nd hand, boat through Opal and trust me it was not that easy. Swore I would never go there again, for a boat.

 

[PeteCooper]

My brother just bought a second hand boat through Opal and it all went very smoothly.

 

[Sans Bateau]

For the record, we sold our last boat, 3 years ago, through Opal, they were good to deal with and professional. But I guess this is all down to the individual one deals with.

 

[courtesan]

Peters Opal have a substantial sum of mine against a Bavaria. There seems to be ambiguity over the deposit fund. Are there any others out there in a similar predicament who would like to come together in order to seek legal advice over the fund?