Like Tree0Likes

Boat Sold...How To Arrange Payment?

Reply
Old 04-06-2006, 11:40 PM
  #11
Registered
 
Join Date: Nov 2005
Posts: 9
Default Re: Boat Sold...How To Arrange Payment?

Question from buyers perspective: (yup, I will be buying BajaFresh's boat!) How am I protected from the seller taking my money and NOT paying off the boat loan? I would end up with posession of the boat, but not have title in hand.

I have no reason to distrust the seller, but we must protect ourselves. Thanks for the info, it's all been great.
drmayer is offline  
Reply With Quote
Old 04-06-2006, 11:46 PM
  #12
Registered
Platinum Member
 
Comanche3Six's Avatar
 
Join Date: Sep 2003
Posts: 9,273
Default Re: Boat Sold...How To Arrange Payment?

Get a Bank check made out to Citizens against smog horror (CASH) and send it to Bill Hionas in Florida. A smooth transaction will follow
Comanche3Six is offline  
Reply With Quote
Old 04-06-2006, 11:59 PM
  #13
Registered
Thread Starter
 
BajaFresh's Avatar
 
Join Date: Mar 2003
Location: Smith Valley, NV
My Boats: 32' Envision Illusion
Posts: 1,436
Default Re: Boat Sold...How To Arrange Payment?

Quote:
Originally Posted by drmayer
Question from buyers perspective: (yup, I will be buying BajaFresh's boat!) How am I protected from the seller taking my money and NOT paying off the boat loan? I would end up with posession of the boat, but not have title in hand.

I have no reason to distrust the seller, but we must protect ourselves. Thanks for the info, it's all been great.
Hey Dan,

I like Rainmn's post. Let's try to work that out tomorrow, pre-setup of wired funds transfer. Maybe full amount to G.E. and they can just send me a check for the difference. I'll call G.E. in the morning and see what they think.

Now we just have to find a meeting place. You sure you don't want to drive down here for the Havasu poker run?

-Al
BajaFresh is offline  
Reply With Quote
Old 04-07-2006, 12:06 AM
  #14
Registered
 
Join Date: Nov 2005
Posts: 9
Default Re: Boat Sold...How To Arrange Payment?

Quote:
Originally Posted by BajaFresh
Hey Dan,

I like Rainmn's post. Let's try to work that out tomorrow, pre-setup of wired funds transfer. Maybe full amount to G.E. and they can just send me a check for the difference. I'll call G.E. in the morning and see what they think.

Now we just have to find a meeting place. You sure you don't want to drive down here for the Havasu poker run?

-Al
I think that would be the best option, I just got a similar suggestion from a friend.

The poker run sounds like a blast, but I don't think I'd ever want to go back to the rain in the NW!
drmayer is offline  
Reply With Quote
Old 04-07-2006, 12:57 AM
  #15
VIP Member
Platinum Member
 
wwwTOPDJcom's Avatar
 
Join Date: Mar 2002
Location: Vestal/Binghamton NY
My Boats: 1992 450hp Senza Spectre 25'
Posts: 3,477
Default Re: Boat Sold...How To Arrange Payment?

I went to the my bank with the buyer 'early afternoon' with boat in tow
made sure he had insurance coverage allready in effect for his benafit. My bank allowed him to call his and do a wire transfer, then my bank gave us the lean release and allowed us to finish the transaction right there. being well prepaired he had temp trailer tags too.
wwwTOPDJcom is offline  
Reply With Quote
Old 04-07-2006, 04:38 AM
  #16
Platinum Member
Platinum Member
 
cig1988's Avatar
 
Join Date: Nov 2002
Location: LONG ISLAND/LAKE MURRAY
My Boats: 1988 Bullet FOR SALE
Posts: 2,398
Default Re: Boat Sold...How To Arrange Payment?

Sorry to hijack the thread, I have a question...If a wire transfer or certified funds goes into the sellers account. Does the seller need to pay tax on the amount deposited?
cig1988 is offline  
Reply With Quote
Old 04-07-2006, 06:59 AM
  #17
Charter Member #927
Charter Member
 
Payton's Avatar
 
Join Date: Jan 2001
Location: IN
My Boats: 1991 34' Super Hawaii
Posts: 4,817
Default Re: Boat Sold...How To Arrange Payment?

No, only sales tax needs to be paid and it will be paid by the buyer when he regesters the boat in his state. If his sate has sales tax.
I supose if the seller made a profit on the sale he should claim the profit on his income tax and then it would probubly be taxed as capital gain tax and not income tax. But I doubt the seller made $$ on the sale.

Last edited by Payton; 04-07-2006 at 07:02 AM.
Payton is offline  
Reply With Quote
Old 04-07-2006, 08:05 AM
  #18
Platinum Member
Platinum Member
 
cig1988's Avatar
 
Join Date: Nov 2002
Location: LONG ISLAND/LAKE MURRAY
My Boats: 1988 Bullet FOR SALE
Posts: 2,398
Default Re: Boat Sold...How To Arrange Payment?

Quote:
Originally Posted by Payton
No, only sales tax needs to be paid and it will be paid by the buyer when he regesters the boat in his state. If his sate has sales tax.
I supose if the seller made a profit on the sale he should claim the profit on his income tax and then it would probubly be taxed as capital gain tax and not income tax. But I doubt the seller made $$ on the sale.
Does'nt the bank report deposits of more than $10K? I hate to sound dumb but how do you prove no profit was made on a sale when tax time comes?
cig1988 is offline  
Reply With Quote
Old 04-07-2006, 08:08 AM
  #19
Registered
Thread Starter
 
BajaFresh's Avatar
 
Join Date: Mar 2003
Location: Smith Valley, NV
My Boats: 32' Envision Illusion
Posts: 1,436
Default Re: Boat Sold...How To Arrange Payment?

Quote:
Originally Posted by cig1988
Does'nt the bank report deposits of more than $10K? I hate to sound dumb but how do you prove no profit was made on a sale when tax time comes?
Banks supposedly report anything over $5K. I have documents showing what I paid for the boat and will have bill of sale showing what I sold it for. The IRS can kiss my Azz!
BajaFresh is offline  
Reply With Quote
Old 04-07-2006, 11:43 AM
  #20
Registered
 
cgarrett's Avatar
 
Join Date: Jun 2001
Location: Mecca, Ohio
My Boats: Looking
Posts: 1,003
Default Re: Boat Sold...How To Arrange Payment?

I just recently sold a motorcycle. The buyer brought a certified bank check from a major bank. My bank still would not release the title because they said there is so much fraud and it still takes time for the check to clear.

The only way that they would release the title at that time is if the buyer payed with cash. We took the check to a local branch of his bank and they made a few phone calls and gave the guy the money. We returned to my bank and payed off the loan and got the lean released.

Cordell
cgarrett is offline  
Reply With Quote
Reply

Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
MILD THUNDER
Northern Illinois Offshore Club
21
10-15-2007 10:19 PM
SUNSATION 25
General Boating Discussion
19
04-06-2007 12:17 PM
BajaRunner
General Boating Discussion
7
07-28-2006 05:13 PM
yzbert
General Boating Discussion
19
10-17-2002 10:39 PM



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 04:03 PM.


Copyright 2011 OffShoreOnly. All rights reserved.