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National Marine in ohio

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Old 02-07-2007, 02:58 PM
  #41
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Default Re: National Marine in ohio

That's an actual photo from that day in Lakehurst. All those blimp photos are Photoshopped.
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Old 02-07-2007, 03:46 PM
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Default Re: National Marine in ohio

Nice photo, thanks for that historical clarification

Title processes per state vary, there is also a process of USCG documentation that comes into play with this equation as well.

Documented/titled boats were resold without original leins satisfied and new loans generated...come to your own conclusions (which is customary on here).

It was smoke, mirrors and bunny rabbits in a hat.
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Old 02-07-2007, 04:00 PM
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I purchased a boat a few years back and the bank INSISTED on USCG documentation. When asked why, they claimed it gave them a much higher level of security- that there's no way the CG would ever allow the boat to be improperly conveyed and that it made state jurisdictions irrelevant- there was only one authority- the Feds.

I suppose I've aged to the point that now I understand that the only absolute is uncertainty.
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Old 02-07-2007, 04:17 PM
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Default Re: National Marine in ohio

Tis true on the uncertainty thangy!

USCG typically takes months and months (longer if you want it to...) which gives said purveyor of questionable ethics time for a little.... creative capital extrapolating .

One of the banks peeked in the door whilst he was extrapolating
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Old 02-07-2007, 05:35 PM
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I can't believe that guy ain't swimming with the fishes by now.

Last edited by Back4More; 02-07-2007 at 05:37 PM.
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Old 02-07-2007, 06:09 PM
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Default Re: National Marine in ohio

I don't know if this has any relevance to the discussion, but I'll say it anyway.

I spent a good part of my life in Ohio, and for motor vehicles that you have a loan on, you recieved a "Memorandum of Title" to use for registration purposes. You recieved the actual title from the bank upon completion of the terms of the loan.
Moved to Kentucky, and I have two vehicles with loans out, yet at the date you get the vehicle, you also recieve the actual Title.
Any vehicles I've sold since moving here I have owned free-and-clear, or the loan was out of state, and I didn't hold the actual title - took a week or two to get from the state. So I don't know how this would all play into the game.
Being used to Ohio law (and if I never learned this about Kentucky), If I had purchased a vehicle from Kentucky, and had been handed a Title, not a "Memorandum", I would have assumed the vehicle was free of any interest from a third party.
Is this something that would have been played out in the NM fiasco??

BTW - sorry to hear you were stung like so many others.
Good Luck.
Now get out from under that rock and keep an eye on what's going on
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Old 02-07-2007, 06:17 PM
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No memo any more . Lien is listed on title
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Old 02-07-2007, 06:34 PM
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Default Re: National Marine in ohio

Quote:
Originally Posted by Chris Sunkin View Post
No memo any more . Lien is listed on title
Aye. I see
I was living in NW Ohio up until '01, and that is how it was handled then.
Could some of these boats be carryovers from back in the day, or when they did away with the memo, did they issue the Title with lien listed??

I just checked, and yes, the lien is listed on my Titles. I never even thought about it before, I was just used to what Ohio did when I lived there.
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Old 02-07-2007, 06:43 PM
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thanks for all the help, I also live in florida now and would love to know where he lives. I have not made a payment since the sale. the bank has not come after me till now. The bank that had the loan (E-Trade) would not give me the boat back even if I made the two payments that were late! I was willing to take back the boat and resale it, but no they wholesaled the boat for 60% of the blue book value and wants me to pick up the rest.

Craig
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Old 02-07-2007, 06:45 PM
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Default Re: National Marine in ohio

I know that when we bought our Super that the bank would not fund the loan until they saw the title and knew it was lien free. I suppose if it did have a lien on it, they would then make a check out to the lien holder for the lien amount. Unless the title was altered or a new one forged, I don't see how the loan would even be funded. That being said, the new owner has no legal ownership of the boat if the title was manipulated in order to get the loan funded.
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