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What to do with boat with no title and bank doesnt want??!!

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Old 03-03-2011, 05:35 PM
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Originally Posted by sdodson1 View Post
Odds are they will take a low offer or at least counter. A friend of mine did the same thing with a bass boat that was owed 16K he paid 3k and the bank said they would have gone lower if he had offered less! It's worth a try.
You can always go up on your offer later on,, too difficult to lower once you offer it.
A friend of mine just purchased a Velocity that was bank owned and they were asking 69k and he got it for low 30s.
if it has been sitting for a while,, they will deal to get it off the books

Thank you
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Old 03-03-2011, 06:48 PM
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By the way, I'm just an hour and a half down the road from you (75) and I am going through the EXACT same thing right now with a 2006, 26'CC ProFish.

It has a balance of 9600. I have been holding it for three years and there have been no payments in the past year and a half. The owner is not a friend, just a client.

I made initial contact with them via return receipt 1.5 weeks ago. Today, I had a voice mail. Yesterday, I got the receipt back. Expect it to go pretty fast once you send them the info.
but no one has done that. no one has worked on the boat, no one has stored the boat. so in order to do what you say, they would have to take the boat under false pretences, work on said boat under false pretences, then file paperwork under false pretences...and people really have the nerve to look at others and call them thieves? Im gonna send a letter to IB to change the name of the site to hypocrites only..seems people on here dont care about the right thing until it benefits them...
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Old 03-03-2011, 08:07 PM
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They bank knows that they are looking at $100per foot for recovery....plus storage...plus delivery to the auction...plus the sellers premium....plus administrative costs....plus interim liability.

THIS IS WHY THEY DON'T WANT WANT IT BACK. PERIOD.
I am in the repo business and have been for 25+years, most of what you said is correct (if done properly and legitimately)EXCEPT for the repo fee, NOT EVEN CLOSE, more like $300 flat fee. Especially if it is a small jet ski type boat.

But the thing that is still glaring at me is 2 things: 1) this "friend" has appears to have only talked to a front line collector, we have not established if the correct person has even been notified (thus the letter to the lender as stated earlier) and 2) manufacturing a bogus invoice etc to get collatteral, no matter how you look at it, it is fraud unless you go through the proper abandonment/notification etc.

I would be amazed if the lender walks away from the collatteral from the debtor, if they did, there would be no way to go back after them for the deficiency balance and if it has lenders insurance, they could not even file a claim for the balance???

I still think honesty s the best way to go in life, maybe thats just my age or something, but I can sleep at night...
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Old 03-03-2011, 08:07 PM
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Im gonna send a letter to IB to change the name of the site to hypocrites only..seems people on here dont care about the right thing until it benefits them
Awfully broad stroke with your brush there, huh? Instead of painting such a negative picture for our friend, how about making a suggestion that he can find some use with? He didn't post a request for criticism and negativity.....

I am not picking a fight here.....but please....let me point out the obvious....

This is a community. We all come here to share...the good, the bad....and hopefully learn something from our fellow (not gender specific) members.

VIP.....thought you would know that with your stature.....that is of course unless it stands for Very Insecure Person....one that gains self-worth from the belittling of others...

Follow him.....he's on the way to your preferred venue...
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Old 03-03-2011, 08:14 PM
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Baja....same here....in FL....have an R off a sponsored EE

We get 100 per foot, wet or dry....

Also, please don't misunderstand.....I am not proposing ANY misconduct.....in fact.....I said clearly......

Quote:
Do it the right way! You don't want this boat for 50-100k plus time if you get caught being shady.....
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Old 03-03-2011, 09:56 PM
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Is a lean holder responsible for the difference of the loan payoff and selling price? Or does the bank just take what they can get and write the rest off? Seems like that would lead to a rush of people defaulting on loans, having a buddy buy it for a fraction of the original loan, buy it back off your friend and have your boat back at a much lower loan. Never been in this position, so don't know the partics

Any negotiating on this boat should be with the note holder, not the current owner, correct? Unless the buyer pays the payoff.
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Old 03-03-2011, 10:11 PM
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Is a lean holder responsible for the difference of the loan payoff and selling price? Or does the bank just take what they can get and write the rest off? Seems like that would lead to a rush of people defaulting on loans, having a buddy buy it for a fraction of the original loan, buy it back off your friend and have your boat back at a much lower loan. Never been in this position, so don't know the partics

Any negotiating on this boat should be with the note holder, not the current owner, correct? Unless the buyer pays the payoff.
They will ussually 1099 you for the difference so you will have to pay the taxes on the balance.
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Old 03-03-2011, 10:31 PM
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Why not just borrow the boat? Renew the registration and go enjoy it while it is in the friend's name. It may take all summer for the bank to get it especially if it is not at the guy's house.
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Old 03-03-2011, 10:44 PM
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The point of this situation is that the boat belongs to the bank(lender holds the orig title) and if anyone produces a secondary title its wrong---its fruadulent! I am shocked some people would promote this way of thinking especially when it has hit close to them.

one word : INTEGERITY


Once the asset in question is sold at auction the institution will deduct the value the asset was liquidated for against the payoff value and they have the option to pursue this balance from the orig debitor...this is where it can be vague--w this economy the institution may be happy writing it off their books but they could also pursue a judgement for the balance. ( I even witnessed the debtor recieving a check for equity in a liquidated asset)
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Old 03-04-2011, 12:17 AM
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Originally Posted by Velocity Vector View Post
I mean really who needs a title, buy some numbers find a state sticker slap it on the sides and go.
lol! better yet lets logo the sides of it and race it? sportsman class.. kc u in to drive?
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