Robert J Samples Loc: Round Rock, Texas

It was our first full year as the local Evinrude Outboard Motor dealer, and we were hustling to close every sale we could to make ends meet. We had several different lines of boats, but all the boat manufacturers were easier to deal with than was Evinrude. With the outboard motor company, we were held to a much higher level of the number of motors we had to purchase, which took a much higher capital requirement.

Toward the end of summer, we had a local family come in and purchased a ski boat, motor, and trailer along with the necessary life jackets, water skis and accessories. I should have known there were problem when our local bank refused to finance the sale. We had a finance company in Sherman after some of our business, so I switched this sale over to them to see if they would finance it. They came back with an approval but with an unusual stipulation that we had to guarantee the last two payments. This should have been a tip that we should have paid more attention. It was an early warning that we should have headed. My partner and I talked it over and decided to take the risk.

Nothing more happened until around January or February of the next year. I got a letter that the customer had not made any payments for several months and we were to reprocess the boat and entire rig, along with sending the finance company a check for the last two payments as per our agreement.

I go to the clients home and repossessed the boat, motor and trailer along with all the other items which were frozen in solid ice a couple feet deep in the bottom of the boat. I bring it back to the shop to thaw out. I am not sure you can imagine having to melt the ice under which were flung the seat cushions and life jackets! Writing the check to the fiancé company was a bitter pill and a painful lesson I have never forgotten. Just Sayn…RJS

Graveytrain50 Loc: DFW Area Texas

Use your gut feeling and watch for early warning signs.

OJdidit Loc: Oak Creek Wisconsin

Hence the need for Credit Reports and Ratings. Some people suck!

Robert J Samples Loc: Round Rock, Texas

Yes, I a sure there were many warning signs and the local bank clearly knew the score. We should have paid close attention. We were new and hungry and didn't pay attention. Just Sayin...RJS

dbed Loc: POMME DE TERRE LAKE MISSOURI

Local banks can go either way sometimes they are too eager to loan you money

Barnacles Loc: Northern California

There are too many people out there that think "Why should I be making payments? I've already got the goods".

There are also people who buy something never planning to make payments. That way, they get to use the item for several months for just the cost of a down payment. It's like renting a boat at a bargain rate!

Mauwehu Loc: Norwalk Ct

I understand hunger when it comes to sales. Bills need to be paid that keep on coming. When your hungry reason goes out the window. I pretty much always got paid but sometimes I’d sell to crazies. There were times I’d leave money on the table at the end of the job knowing that as long as they owed me money they’d leave me alone. In effect I’d pay them 300-500 to leave me alone and never call me again. My grandfather always said why get in a bad deal?......you can loaf for nothing.

Robert J Samples Loc: Round Rock, Texas

Mauwehu:; Very wise philosophy. North Texas Marine only survived because Dick's son Joe went to the University of North Texas and learned about Computers and their accounting usefulness.

Dick and I would sell a boat rig, then give away most of our profit in the add ons.. After I had left, and Joe graduated from college, he installed programs that kept track of everything and did not give away the profits. He then would get on another completely different program to finance the deal. It wasn't long until they would take all the new rigs that had been furnished bass tournements and had buyers calling in from all over the Western U.S.A. and became the largest outboad dealer west of the Mississippi. I wasn't there but am proud of what Joe accomplished. Just Sayin...RJS

Mauwehu Loc: Norwalk Ct

I get that—- you’re so excited about making the sale and making money you forget about giving it away.
I made money the opposite way in the kitchen business. I would bid large condominium projects at little or no profit. The purchasing agents would dliligently choose the best price ( not necessarily value) but once I got the contract they would just sign all change orders without looking. It was never built as planned. We would add on heavily for sink cutouts, additional cabinets etc. and end up making our full profit.
Evinrude—- I used to collect vintage toys and one thing I wanted ( and would buy if I found one) was a toy boat with a toy evinrude motor. I know that they made one, I saw a picture of one.

Robert J Samples Loc: Round Rock, Texas

I don't know where you'd find such a toy, but there are antique toy collector clubs, that might be the spot if you could find them. I would search through Bing and Google for them. If you are serious aboutg it, spend the time and energy to find them. I would offer the idea that it will probably cost you an arm an a leg, but it depends on how badly you want to acquire one. Just Sayin...RJS

Mauwehu Loc: Norwalk Ct

Actually found one on eBay for 53.00.