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Have Loan, Trying To Sell Boat

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Old 02-24-2007, 10:27 AM
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Default Have Loan, Trying To Sell Boat

Hey Everyone! I also posted this in the "Insurance & Finance" forum, but it doesn't look like there are a lot of visitors over there. I am trying to sell my boat (this coming Friday actually) and have a loan on the boat through National City. If the guy who wants to buy my boat decides to take the boat on Friday, what do I need to do to make this all happen? How do I make sure that the buyer's money (cash, check, cashiers check, etc.) is legitimate? If he has his bank send the money directly to mine, how do we make it all happen on Friday? Obviously he does not want his bank to give the money to my bank until he sees the boat on Friday. But if he likes the boat, he wants to take it Friday. So how do I make sure that my bank has his money and how does he make sure that my bank will be sending him the title, etc.? I'm getting a headache trying to think about how this will all work, but I also know that this is a very common situation in the boating world.

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Old 02-24-2007, 10:51 AM
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Tell him to bring cash. There's nothing like dead presidents! Then you're sure.
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Old 02-24-2007, 10:59 AM
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Well, it would certainly be nice if he brought that much cash with him. But there are two issues even with that: 1) how do I make sure it is not counterfit money (not likely but you never know); and 2) he forks over the cash and drives away with the boat, but does not get the title or any other proof that he just bought my boat. So there is a lot of risk for both of us this way.
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Old 02-24-2007, 11:07 AM
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At aminimum, write out a Bill of Sale, stating the boat with hull ID, both buyer and seller name and address with signature lines, trailer info and s/n if you have one. Contact your local DNR office and they should be able to provide you with some info as well. I'm sure each state is a little different.
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Old 02-24-2007, 11:10 AM
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Certified Check would be more practical. That way you know the money is good. I would get his full name, copy of his drivers license, and address. You got to send him the title anyways don't you.

Pretty curious about the title. If you pay the boat off with the money does the Bank send you their title? What does it take to get their name off as a lien holder and get a new clear title?
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Old 02-24-2007, 11:14 AM
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Originally Posted by TexomaPowerboater View Post
Certified Check would be more practical. That way you know the money is good. I would get his full name, copy of his drivers license, and address. You got to send him the title anyways don't you.

Pretty curious about the title. If you pay the boat off with the money does the Bank send you their title? What does it take to get their name off as a lien holder and get a new clear title?

Even CERT CHECKS these days can be stopped or shorted. CASH or WIRE TRANSFER (once the money is in your account it cannot come out)
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Old 02-24-2007, 11:15 AM
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I recently bought my boat from Michigan and the owner had a 20k lien on it with his bank.What we did is have his banker contact my banker and got an agreement in writing from each bank that if I bought the boat, the prior owners bank will send me the title directly.

My bank made a certified check out to the prior owner and his bank.All went well in my transaction but it's very important you get both banks in communication and on the same page.Hope this helps.
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Old 02-24-2007, 11:17 AM
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Originally Posted by TexomaPowerboater View Post
Certified Check would be more practical. That way you know the money is good. I would get his full name, copy of his drivers license, and address. You got to send him the title anyways don't you.

Pretty curious about the title. If you pay the boat off with the money does the Bank send you their title? What does it take to get their name off as a lien holder and get a new clear title?
On payment to the bank they will issue a "LETTER OF LIEN RELEASE" to you. The new owner takes that and the bill of sale along with the current title signed off by you (which you should have showing the lien holder info on it) to register his new boat. The DMV office will issue him a new title which will come in the mail to him.

Hope that helps
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Old 02-24-2007, 04:10 PM
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when i sold my baja the buyer had his bank wire the money to the lein holder which overnighted the title to me.

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Old 02-25-2007, 09:46 AM
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You should write up a descriptive sales agreement & you should do a letter of title reassignment or lien release.. The sales agreement will dictate what the terms of the sale, conditions & warranty if any and price is. The letter of leien release or reassignment will dictate who will be guaranteed reciept of the title. It may be wise to have both notarized at your local notary. & each of you take a copy.. Also make both banks aware of your potential plans before meeting, that will help to speed tings up. I hope this helps..

Jamie / Lakeside Restorations

BTW: Wire transfer or cash is the best way for accepting a payment like that.. They sell counterfiet pens to check for fraudulent bills if it is a concern.. They are only a couple bucks per pack at office max or staples..
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