heavyhauler

I'm not taking sides, but if the boat is CG documented and there is a lien on the documentation, all that has to be done is for the guy who owes the debt to pay the bank to have the CG lien released. A title may not exist, since it is documented. I bought a boat that was documented and there was no title, just the CG Documentation. Several states do not title boats. Tennessee is one, because I just bought another boat that was registered in TN and there was no title for it, just a piece of paper saying TN does not title boats. Generally speaking the CG documentation replaces the title, and if you want a title you relinquish the CG documentation to get it, in states that do title boats. Only problem I see here is the guy who sold the boat hasn't paid enough to get a release, regardless of what he thinks was enough. I'm also surprised the buyers bank didn't check with sellers bank before providing funding to make sure there was going to be enough funds change hands to satisfy the lien. A lot of banks are doing that now to avoid these type problems.

bruin_d

Let me know if he needs any info (his address, hull id number, anything).

bruin_d

Its a Fountain, not a Scarab.

bruin_d

That is correct, all that has to be done is for him to satisfy the lien. To me that is the same thing as a title.

My bank does something they call a pre-approval. Basically I tell them how much I want to spend, they cut me a check for that much, in this case it was a check for $40,000. So the bank is saying that the check I have is worth up to 40,000. We negotiated a price and I wrote the price on the check. The bank isn't involved in this type of transaction. Then he is supposed to send me the title and then I send it to the bank. After this experience it is quite obvious why banks are doing it the way you described now. There are too many idiots around who can't control there spending and live well beyond their means.

vagrant

RUT ROW. Have you done a abstract of title? That will give you all the info on the boat .You can see who has owned the boat and what loans have been on it.I hope you guys can get this worked out.

bruin_d

It is pretty amazing. Apparently this guy has pissed off quite a few people because I keep getting emails from other people with more and more info on him.

bruin_d

Yes, thats how I found out he still owed money on it.

vagrant

Ok sorry if you posted that. That's how I got National Marine also.

Downtown42

He sure is a player over here

what a knob-dik.

www.boatfreaks.org


Hope you get your title soon. Chirs, great work as usual.

jayhawk261

Yeah, when I bought my boat, the bank wouldn't fund the loan until they saw the title (faxed copy was fine). If there had been a lien, the check would have been made out to the owner of the boat and the bank to satisfy the lien.

I thought this was a complete pita because the owner had actually lost the title. He applied for a replacement, but in New York State that takes 12 weeks. We had to wait 12 weeks after the deal was struck to get our boat

Looking at your situation, I see why that rule is there. it protects the bank as well as the customer in situations like this. Good luck with it.

Also, I agree with everyone here. The seller has a problem with his bank, not the buyer. You should not even know that the seller has a problem with his bank. It isn't any of your business. You paid for the boat - end of discussion. He needs to handle his business without involving you.