ComplaintsforDynamic Marine and Motorsports LLC

• Initial Complaint

  06/22/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  18 days after we purchased our boat my husband gets an email from the Finance Manager, Laura, stating “I did not previously see where the bank wanted to get proof of income. Can you please send over your last pay stub.” We sent that in and are told 25 days after having the boat that the bank is not going to approve the loan with just my husband on it. We have a signed buyers order and sale contract from the boat company dated the day we took home the boat. Now you’re telling us there was never an approved loan and we have to either add a co signer or they have another bank that will consider my husband with just his income. At this time, we asked for the owner to give us a call. Matt (the owner) admitted Laura’s fault and said “people make mistakes” & there was a “simple solution” for us to sign the other loan where our payments would actually be cheaper per month. Yes, our payments may be cheaper but that’s because the interest rate is 1.5% higher and the loan is extended out for an additional 5 years. That adds up to an additional roughly $10k over the 15 year span. I am sorry but that is not a “simple solution.” At this point we let Laura know we wanted to return the boat since our original loan that we have signed paperwork for was never approved. We received an email from their lawyer stating we were “not entitled to unwind the deal at this point” and we have “ignored a simple solution to a problem.” How in the world are we “not entitled to unwind a deal” because of the Finance Manager letting us take home a boat that she never got approval on? How is adding $10k to our loan a “simple solution to a problem.” We would have NEVER signed the contract with the higher interest if we knew this information before we took the boat home. So basically, you’re forcing us into buying a boat with your company. We unwillingly added a cosigner to the loan. Still resulting in a .5% higher interest rate than the original loan since we were being forced into purchasing the boat.

  Business response

  06/27/2023

  Unfortunately, Mrs. ***** is being very dishonest about this situation. Mrs. ***** and her husband were contacted within a week of buying their boat about the proof of income issue once we got notice from the bank. The proof they sent was not sufficient enough for the bank, so we contacted them again immediately to let them know we had another bank lined up with a lower monthly payment and same interest rate at the time. For them to claim they were "never approved" is a lie. They were approved not once, but twice. At this point, all they simply had to do was resign some paperwork which we offered to deliver to them to make it as convenient as possible and it would have been done with a lower monthly payment and same interest rate. Or they could have returned the boat at that time. A very simple solution as Mrs. ***** stated above. We got no response from them for over two weeks. After trying to contact them several times with no response, we had to engage our company attorney as Mrs. ***** and her husband were in possession of a boat that was not paid for with no resolution due to the fact that they refused to communicate. Which is the only reason we had our company attorney get involved. We were left with no other choice. At this point, they had been in possession of the boat for 25 days. After our company attorney got involved, Mrs. ***** and her husband stated that they wanted the boat and communicated that they would give us the information that we needed to proceed. After that, they became unresponsive again. After 38 days of them being in possession of the boat, our company attorney had to once again contact them to get this situation resolved. They finally came in to sign the paperwork to finalize the deal after 40 days. Their interest rate changed due to the fact that they didn't take care of the paperwork when they were asked. They waited over 40 days to finalize the paperwork and they were warned numerous times that the interest rates were changing. They ignored us and as they were warned, the interest rates increased.

  In conclusion, they had numerous opportunities to return the boat or sign the paperwork. They refused to communicate thus causing us to have to engage our company attorney not once, but twice in order to resolve this situation. They never asked to "unwind the deal."  No one forced them to do anything. This situation is on them and their failure to communicate. Mrs. ***** has also taken to Facebook to slander our company as well. We handled this situation the right way.

  Customer response

  06/28/2023

  
  Complaint: ********
  
  I am rejecting this response because: Lies! We were NEVER contacted until 18 days after and we have email proof of that! We were NEVER offered a loan with the same interest rate. We were NEVER warned numerous times that the interest rates were changing. We didn't claim we were never approved we stated we were never approved for the ORIGINAL LOAN WE HAVE SIGNED PAPERWORK FOR! The Attorney got involved 32 days after because we emailed that morning at 8:10am "Laura, After discussing everything with my wife, we have decided that we would like to return the boat, receive our down payment on the loan back and the $500 to hold the boat, since our loan was never approved. Please let me know what we need to do going forward. Thank you, Tyler." THEN we got the email from their attorney at 4:21pm that evening stating that we not entitled to unwind the deal. So this seems to be the real reason the attorney got involved and not because of us refusing to communicate considering we emailed them that morning!

  There was no slander on Facebook (I kept my personal options on Matt and Laura out of the post) I simply posted the exact scenario of what happened so people knew about the yoyo financing scheme that is happening at this business. It's not my fault that the truth looks bad for the business.

  Sincerely,
  
  ******* *****

  Business response

  06/28/2023

  The only "yo yo" here is Mrs. *****. We are and have been a legitimate company with legitimate financing. Again, Mrs. ***** is not being honest, they refused to communicate, they kept a boat for over 40 days, forced us to engage our company attorney twice just to get a resolution and we stand behind our statement of what happened because it's the truth. Mrs. ***** is absolutely slandering our company and manipulating people about our company. They had numerous opportunities to return the boat or sign the paperwork over 40+ days. We absolutely did the right thing and we stand behind our initial statement. We are no longer going to go back and forth about this situation. 

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