What to do with boat with no title and bank doesnt want??!!
03-02-2011, 08:46 AM
#42
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look my friend was sold a boat that was a different boat from the paper work. The guys, Jimmy , curtis and Joe have been arrested. I am not involved in that. I am trying to legally buy a boat or help out someone get a clean title. I dont appreciate the fact your trying to make me look like I am doing something wrong. Running hot, your obviosly a senior and a moderator, I would think you would know better than to make BS statements as you do. You have a problem PM me and we can resolve them. Other wise keep me out of your negative comments.
Last edited by SVL-WARLOCK; 03-02-2011 at 08:49 AM. Reason: add
03-02-2011, 09:26 AM
#43
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with a note due at the bank and a LIEN on the title .
if that was the case a bunch of boats could of skipped the trip to the WOOD CHIPPER
Sorry for the Hijack WALLY ......
03-02-2011, 10:05 AM
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Yes you can. Go to a title guy and he can get you a title. As long as it isnt stolen. Someone has already stated that on this thread. Sorry you were mis informed. lol
Last edited by SVL-WARLOCK; 03-02-2011 at 10:05 AM. Reason: add
03-02-2011, 10:23 AM
#45
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[QUOTE=SVL-WARLOCK;3339907]look my friend was sold a boat that was a different boat from the paper work. The guys, Jimmy , curtis and Joe have been arrested. I am not involved in that. I am trying to legally buy a boat or help out someone get a clean title. I dont appreciate the fact your trying to make me look like I am doing something wrong. Running hot, your obviosly a senior and a moderator
guess that would put the boat repo men outta bizzness then ,and loans would'nt need to be paid off & Liens released.. they'd just see you for a new title or #s
just sayin 
not mis informed just going by what ya posted
and a moderatorguess that would put the boat repo men outta bizzness then ,and loans would'nt need to be paid off & Liens released.. they'd just see you for a new title or #s
just sayin not mis informed just going by what ya posted
Last edited by RunninHotRacing163.1; 03-02-2011 at 10:24 AM. Reason: cleaned up for Speedy
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03-02-2011, 11:50 AM
#47
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I'm a Dealer in the State of California...
Here is our law.
No title. No sale. Period. There isn't even an option if the bank holds the title to a vehicle.
You MUST contact the lienholder and get a release of interest for the vehicle.
There is a provision if say, a vehicle or a boat, was in a repair shop for repairs and the bill was not paid. Then, the repair shop can file for a "lien" but that "lien" must still be signed off by the lienholder, or the leinholder can pay what is due and pick up the vehicle.
It is the same procedure for a stored vehicle with past due storage.
Here is the law for stored vehicles stright from the DMV Website:
If a person has repaired, furnished supplies/materials for, or towed or stored a vehicle and has not been paid for the services rendered, that person has a lien against the vehicle. The lien may be satisfied by getting a court judgment or by selling the vehicle through a lien sale process as outlined in the California Civil Code. To conduct a lien sale, the person/lienholder must have possession of the vehicle.
NOTE: A salvage pool cannot conduct a lien sale to obtain title to a vehicle.
The lien arises (becomes effective) at the time the registered owner is presented with a written statement of charges for completed work or services. However, if possession is the result of a public agency or private property impound, the lien arises when the vehicle is transported (towed).
The legal owner must be notified before the service may be performed if the amount of any repairs or service exceeds $750 or the storage charges exceed $400 ($500 for vehicles valued over $4,000).
Before conducting a lien sale, the lienholder must determine the value of the vehicle. If the vehicle’s value is $4,000 or less, the registered and legal owners of record will be notified by the party conducting the lien (See “How To: Conduct a Lien Sale for a Vehicle Valued $4,000 or Less.”) If the vehicle’s value is greater than $4,000, DMV notifies all interested parties. You can call (916) 657-7617 between 8 a.m. and 5 p.m. if you have questions regarding lien sales.
NOTE: For lien accrual information, refer to Civil Code §§3068 and 3068.1.
Here is the link to the same site:
http://www.dmv.ca.gov/pubs/brochures/howto/htvr8.htm
I would imagine that most states have a similiar method.
I hope this helps!!
Here is our law.
No title. No sale. Period. There isn't even an option if the bank holds the title to a vehicle.
You MUST contact the lienholder and get a release of interest for the vehicle.
There is a provision if say, a vehicle or a boat, was in a repair shop for repairs and the bill was not paid. Then, the repair shop can file for a "lien" but that "lien" must still be signed off by the lienholder, or the leinholder can pay what is due and pick up the vehicle.
It is the same procedure for a stored vehicle with past due storage.
Here is the law for stored vehicles stright from the DMV Website:
If a person has repaired, furnished supplies/materials for, or towed or stored a vehicle and has not been paid for the services rendered, that person has a lien against the vehicle. The lien may be satisfied by getting a court judgment or by selling the vehicle through a lien sale process as outlined in the California Civil Code. To conduct a lien sale, the person/lienholder must have possession of the vehicle.
NOTE: A salvage pool cannot conduct a lien sale to obtain title to a vehicle.
The lien arises (becomes effective) at the time the registered owner is presented with a written statement of charges for completed work or services. However, if possession is the result of a public agency or private property impound, the lien arises when the vehicle is transported (towed).
The legal owner must be notified before the service may be performed if the amount of any repairs or service exceeds $750 or the storage charges exceed $400 ($500 for vehicles valued over $4,000).
Before conducting a lien sale, the lienholder must determine the value of the vehicle. If the vehicle’s value is $4,000 or less, the registered and legal owners of record will be notified by the party conducting the lien (See “How To: Conduct a Lien Sale for a Vehicle Valued $4,000 or Less.”) If the vehicle’s value is greater than $4,000, DMV notifies all interested parties. You can call (916) 657-7617 between 8 a.m. and 5 p.m. if you have questions regarding lien sales.
NOTE: For lien accrual information, refer to Civil Code §§3068 and 3068.1.
Here is the link to the same site:
http://www.dmv.ca.gov/pubs/brochures/howto/htvr8.htm
I would imagine that most states have a similiar method.
I hope this helps!!
03-03-2011, 02:16 PM
#49
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Great.....now I'm gonna open my big damn mouth....
When will I learn.....
This is a completely legal and legitimate process:
Maximum allowed per-day outside storage $35
Maximum allowed per day inside storage $65
If you performed ANY maintenance or repairs during the period of time while it was in your possession that could be see as preserving the condition or meeting the agreement that you made when it was dropped off (install a radio for ______$) or change the gearcase oil for _________$) by ANYONE....meaning NOT the owner and NOT the lein holder(s)
Add all of your "fees" together, and present the lein holder by return receipt with a request for payment. Make sure they have a way to contact you.
They will assess the value v.s. what you are claiming and do one of two things only:
Value higher than claim, will pay you and come pick up the asset.
Claim higher than their value, they will send you the title.
Period. That easy.....almost....
If they pay you and take the boat, demand a "hold-harmless"in your name...this means that they are releasing all claim to the asset where you are concerned.....
If they say no thanks, keep the boat.....tell them again, you want a hold-harmless in your name along with the title....and they will ask the same from you....
You do not need a signed work order. It helps, but FL is one of the states that uphold verbal agreements as "contract"...so the lein holder has to prove that you were not in possession of the asset...which is stupid because why else would you HAVE IT NOW...??!!
Now....to your friend....certainly, he can't do this. It is a violation of his purchase agreement. So is not paying, but he has no financil claim to the asset until it is HIS. You, on the other hand, have no agreement with the bank/lein holder. Your agreement is with "someone" who asked you to perform a service...i.e. maintenance or repair or storage. Whether or not the registered owner asked you to do this makes no difference to the bank. What matters to them is that you have possession and a legitimate claim that they MAY have to defend against.
They don't want the boat. They don't want to go to court with a claimant...for a boat that they don't want. Ends up costing them waaaay too much.....and it hurts their score as a lender.
Finally, there is a strong probability that your friend will receive a 1099A (abondoned) from the lein holder next year. This means that he will have the balance of the unpaid loan reported to the irs as EARNED INCOME. This lets the lender write down thier own tax liability.....and your friend has to give UnkSam somewhere in the neighborhood of 7k for the reported balance you stated earlier....
They may not. There is no rhyme or reason as to which lender will or will not, or when if they do. It is something your friend wants to consider no matter what.
Best case, you get a boat and help your friend pay the tax liability IF they send him the 1099.
Middle case, he abandons it in their parking lot....they sell it at auction for 5k.....he gets a 1099 for 19k instead of the whole amount...
Worst case, apply for a title and send empty envelopes with return receipt and get caught....
Do it the right way! You don't want this boat for 50-100k plus time if you get caught being shady.....
Oh.....quick end off....
They bank knows that they are looking at $100per foot for recovery....plus storage...plus delivery to the auction...plus the sellers premium....plus administrative costs....plus interim liability.
THIS IS WHY THEY DON'T WANT WANT IT BACK. PERIOD.
When will I learn.....
This is a completely legal and legitimate process:
Maximum allowed per-day outside storage $35
Maximum allowed per day inside storage $65
If you performed ANY maintenance or repairs during the period of time while it was in your possession that could be see as preserving the condition or meeting the agreement that you made when it was dropped off (install a radio for ______$) or change the gearcase oil for _________$) by ANYONE....meaning NOT the owner and NOT the lein holder(s)
Add all of your "fees" together, and present the lein holder by return receipt with a request for payment. Make sure they have a way to contact you.
They will assess the value v.s. what you are claiming and do one of two things only:
Value higher than claim, will pay you and come pick up the asset.
Claim higher than their value, they will send you the title.
Period. That easy.....almost....
If they pay you and take the boat, demand a "hold-harmless"in your name...this means that they are releasing all claim to the asset where you are concerned.....
If they say no thanks, keep the boat.....tell them again, you want a hold-harmless in your name along with the title....and they will ask the same from you....
You do not need a signed work order. It helps, but FL is one of the states that uphold verbal agreements as "contract"...so the lein holder has to prove that you were not in possession of the asset...which is stupid because why else would you HAVE IT NOW...??!!
Now....to your friend....certainly, he can't do this. It is a violation of his purchase agreement. So is not paying, but he has no financil claim to the asset until it is HIS. You, on the other hand, have no agreement with the bank/lein holder. Your agreement is with "someone" who asked you to perform a service...i.e. maintenance or repair or storage. Whether or not the registered owner asked you to do this makes no difference to the bank. What matters to them is that you have possession and a legitimate claim that they MAY have to defend against.
They don't want the boat. They don't want to go to court with a claimant...for a boat that they don't want. Ends up costing them waaaay too much.....and it hurts their score as a lender.
Finally, there is a strong probability that your friend will receive a 1099A (abondoned) from the lein holder next year. This means that he will have the balance of the unpaid loan reported to the irs as EARNED INCOME. This lets the lender write down thier own tax liability.....and your friend has to give UnkSam somewhere in the neighborhood of 7k for the reported balance you stated earlier....
They may not. There is no rhyme or reason as to which lender will or will not, or when if they do. It is something your friend wants to consider no matter what.
Best case, you get a boat and help your friend pay the tax liability IF they send him the 1099.
Middle case, he abandons it in their parking lot....they sell it at auction for 5k.....he gets a 1099 for 19k instead of the whole amount...
Worst case, apply for a title and send empty envelopes with return receipt and get caught....
Do it the right way! You don't want this boat for 50-100k plus time if you get caught being shady.....
Oh.....quick end off....
They bank knows that they are looking at $100per foot for recovery....plus storage...plus delivery to the auction...plus the sellers premium....plus administrative costs....plus interim liability.
THIS IS WHY THEY DON'T WANT WANT IT BACK. PERIOD.
03-03-2011, 02:24 PM
#50
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By the way, I'm just an hour and a half down the road from you (75) and I am going through the EXACT same thing right now with a 2006, 26'CC ProFish.
It has a balance of 9600. I have been holding it for three years and there have been no payments in the past year and a half. The owner is not a friend, just a client.
I made initial contact with them via return receipt 1.5 weeks ago. Today, I had a voice mail. Yesterday, I got the receipt back. Expect it to go pretty fast once you send them the info.
It has a balance of 9600. I have been holding it for three years and there have been no payments in the past year and a half. The owner is not a friend, just a client.
I made initial contact with them via return receipt 1.5 weeks ago. Today, I had a voice mail. Yesterday, I got the receipt back. Expect it to go pretty fast once you send them the info.
