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Loan problems

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Old 10-15-2005, 10:04 AM
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Default Loan problems

My buddy purchased his Scarab in july this year. He went to the local finance company and borrowed 30k. The finance company handled all the paperwork for him, title transfer, registration, etc.

The problem is they never got his paperwork done right. Its been over 3 months, and he has nothing showing he owns the boat. Now they are telling him they cant get a title because the previuos owner never documented it, so the original owner of the boat(3 owners) would have to fill a bill of sale out, etc, etc. My buddy is steaming over this, and he wants out of the loan. Any suggestions?
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Old 10-15-2005, 10:13 AM
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Default Re: Loan problems

you can buy a boat that has never been documented, the problem comes if it was never registered. If he is looking to refi, have him call Melanie at Beacon Marine Credit 866-523-2266. He is still going to have to have the title work straight. documentation is an option, not the law.
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Old 10-15-2005, 10:28 AM
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Default Re: Loan problems

If he has copies of any paperwork I would be happy to take a look at it for him. Fax 727-450-1151. Have him give me a call at 866-NEWCOAST (639-2627)
or email me at [email protected]
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Old 10-15-2005, 06:26 PM
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Default Re: Loan problems

I should have more clear. When he bought the boat from "nick", "nick did not have a certificate of documentation. "Nick" did have a state of illinois registration card. They downloaded a official coast guard bill of sale, and the finance company said thats all they needed. Now, the finance co. says that the uscg needs a bill of sale from the previous owners "Mary and Jim", who were the last ones as owners since the last time the boat was documented. Thanks Kyle, Ill have him call you Monday.
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Old 10-15-2005, 06:39 PM
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Default Re: Loan problems

It's all done for "Chain of Ownership" for the documentation.

A necessary evil.
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