I need some advice...
08-11-2008, 05:03 PM
#11
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I would be talking to a lawyer yesterday....he will know the laws in your state....and start working on getting your money back before anything happends with the bank....
08-11-2008, 05:14 PM
#12
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I assume that means you paid cash and didn't take a loan. When I bought my boat, the previous owner had lost the title. We looked at several different ways we could do the exchange with the money while waiting on the title, but in the end we just waited. We decided it would be smarter, and also the bank would not fund the loan without seeing the title.
Looking back, it was the smart thing to do. I think if I were buying another and I was paying cash, it wouldn't happen until I saw the title.
By the way, in the state of New York, it takes 12 weeks to get a replacement boat title. Whatever state your seller is in may have a similar policy.
Looking back, it was the smart thing to do. I think if I were buying another and I was paying cash, it wouldn't happen until I saw the title.
By the way, in the state of New York, it takes 12 weeks to get a replacement boat title. Whatever state your seller is in may have a similar policy.
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08-11-2008, 06:02 PM
#15
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just heard a similar story where a guy "gave" his "friend" a boat, he bought it brand new (somehow) never registered (therefore never paying taxes on it) and just left his "friend" holding a boat that was now old but being taxed at its original value... well i guess not real similar, and hopefully this guy comes through. But like elite marine says lock it up until you get title in hand.... good luck
08-11-2008, 06:26 PM
#16
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I know it's too late but the first thing you do once you've made a deal on a boat is to hold the title next to the HIN and make sure they match. No title, no deal. If the bank has it, you do the deal at the bank and they hand you the title when the lien is satisfied.
08-11-2008, 07:36 PM
#19
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hind sight is 20/20 . I guess you should have gone to the bank with the guy to clear the outstanding lien. Hope this works out alright and I hope all members read this thread. Sometimes the exitement clouds your better judgment.
