How do I find out who has the loan on a boat I purchased
#22
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Location: 1 Flu Ovr KuKos Nest-WI
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It was.
Expired 9/30/10.
Coast Guard Vessel Documentation
You asked for a vessel with a name like "CHI-TOWN HUSTLER". That selection resulted in 1 matches.
(1 of 1) Vessel Name: CHI-TOWN HUSTLER USCG Doc. No.: 1121910
Vessel Service: RECREATIONAL IMO Number: *
Trade Indicator: Recreational Call Sign: *
Hull Material: FRP (FIBERGLASS) Hull Number: OXE39001F496
Ship Builder: UNKNOWN Year Built: *
Length (ft.): 39
Hailing Port: CHICAGO IL Hull Depth (ft.): 5
Owner: Hull Breadth (ft.): 11
Gross Tonnage: 14
Net Tonnage: 11
Documentation Issuance Date: September 15, 2009 Documentation Expiration Date: September 30, 2010
Previous Vessel Names: No Vessel Name Changes Previous Vessel Owners: MARK W SMITH
MARK W SMITH
Expired 9/30/10.
Coast Guard Vessel Documentation
You asked for a vessel with a name like "CHI-TOWN HUSTLER". That selection resulted in 1 matches.
(1 of 1) Vessel Name: CHI-TOWN HUSTLER USCG Doc. No.: 1121910
Vessel Service: RECREATIONAL IMO Number: *
Trade Indicator: Recreational Call Sign: *
Hull Material: FRP (FIBERGLASS) Hull Number: OXE39001F496
Ship Builder: UNKNOWN Year Built: *
Length (ft.): 39
Hailing Port: CHICAGO IL Hull Depth (ft.): 5
Owner: Hull Breadth (ft.): 11
Gross Tonnage: 14
Net Tonnage: 11
Documentation Issuance Date: September 15, 2009 Documentation Expiration Date: September 30, 2010
Previous Vessel Names: No Vessel Name Changes Previous Vessel Owners: MARK W SMITH
MARK W SMITH
#24
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Location: NY
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Michigan is pretty easy to deal with. Im sure you have thought of this and not trying put a dagger in. But when I buy something before I pay I look at title for leans(which they still could have a duplicate). If they do I pay off the loan from the bank, bank sends me a the clearance, I would refuse to pay the bank off if it was more than the asking price, but you know what I mean. I actually bought a trailer last year and I would not take possesion unless the prior owner paid it off and gave me a the clearance memo. I also bought a car once and felt kind of shaddy so I made the guy sign the bill of sale and it stated he would pay off any lien on it, not that would help because small claims is only 5-10 grand max depending on state and that still doesnt mean somebody would pay up.
I will tell you this my wife worked as a loan officer and its very hard for the new owner to do anything. The bank only sees you as the new borrower or that the item you have is their collateral and they will come get it. Two instances that come to mind. Kid came in to her with a car that he had bought with his mom, and they were trying to do something. Come to find out the car had two liens on it from two previous owners, only options for them were to pay off both loans or get old owners to pay it off. Another intstance was a family had a boat or trailer, her bank repod it from the new owners who paid cash for it. Obviously they came in pretty heated, nothing they can do, once again had to options they could pay off the loan or get the others to do it. The original owners could file bankruptcty but then the propety still belongs to the bank and the buyer will not get a refund.
But to make a long story short there is not a whole lot of recourse, do your homework and ensure the boat is paid off and if it isnt have your bank or you do it/
I will tell you this my wife worked as a loan officer and its very hard for the new owner to do anything. The bank only sees you as the new borrower or that the item you have is their collateral and they will come get it. Two instances that come to mind. Kid came in to her with a car that he had bought with his mom, and they were trying to do something. Come to find out the car had two liens on it from two previous owners, only options for them were to pay off both loans or get old owners to pay it off. Another intstance was a family had a boat or trailer, her bank repod it from the new owners who paid cash for it. Obviously they came in pretty heated, nothing they can do, once again had to options they could pay off the loan or get the others to do it. The original owners could file bankruptcty but then the propety still belongs to the bank and the buyer will not get a refund.
But to make a long story short there is not a whole lot of recourse, do your homework and ensure the boat is paid off and if it isnt have your bank or you do it/
#25
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Hope it works out bud!
#28
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exactly...contact USCG documentation center in falling waters WV they can fax you the paperwork you need, just keep the boat documented, have to use the or new name on the boat, hailing port can be any place that has a post off in the US, paper a little confusing as it is used for large ships as well...but not that bad....documeted my last 2 larger boats myself...Rob
#29
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Brian- The SOS in Michigan will give you a title application, you need the bill of sale with the HIN on it. You will state there is NO LIEN (unless you have a loan) and you should get a clean title. You did NOT sign the loan papers. let M. Smith worry about the loan. Once you have clean title, it is tough for the boat to be repossesd.
Wannabe
#30
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Brian- The SOS in Michigan will give you a title application, you need the bill of sale with the HIN on it. You will state there is NO LIEN (unless you have a loan) and you should get a clean title. You did NOT sign the loan papers. let M. Smith worry about the loan. Once you have clean title, it is tough for the boat to be repossesd.
Wannabe
Wannabe