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Purchasing boat from broker

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Old 05-11-2011, 10:39 PM
  #11
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Originally Posted by Enough 4 Play View Post
What about making the check payable to the bankfor the balance on the loan if there is one. That will ensure payoff and release of the title.
I discussed what happened to me with one of my friends who owned a car dealership and he told me the exact same thing: make the check out to the person and the bank! Then (you) talk to the bank directly and tell them what you are doing. The bank will then payoff the balance owed (assuming the amount owed is less than the agreed upon selling price) release the title (and should handle assignment the title to you as the "buyer") and return the remainder of the money to the other person. Disclaimer: I have not tried that, just what I was told.
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Old 05-11-2011, 10:45 PM
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Originally Posted by bob_t View Post
I discussed what happened to me with one of my friends who owned a car dealership and he told me the exact same thing: make the check out to the person and the bank! Then (you) talk to the bank directly and tell them what you are doing. The bank will then payoff the balance owed (assuming the amount owed is less than the agreed upon selling price) release the title (and should handle assignment the title to you as the "buyer") and return the remainder of the money to the other person. Disclaimer: I have not tried that, just what I was told.
This was my thoughts exactly. I would get a payoff letter from the lender and confirm the payoff amount and how they want to handle the transaction. The broker can get his funds from the seller.
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Old 05-11-2011, 11:01 PM
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I live here in florida, who is the broker? And a coast guard documented title is a royal pain in the azz. No benefit at all to the owner and takes several months to get new paper work. I think only retards and ***s go this route..
Depends on the state, in here in Indiana a documented boat doesn't have to pay the 7% sales tax, think about that one on the more expensive boats.
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Old 05-12-2011, 07:45 AM
  #14
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Bottom line for me, from now on, if I can't leave with the title in my hands, they can keep their boat, there will always be another one![/QUOTE]

Always the way I do business also, No title in hand, no deal!
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Old 05-12-2011, 07:57 AM
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Originally Posted by [email protected] View Post
I live here in florida, who is the broker? And a coast guard documented title is a royal pain in the azz. No benefit at all to the owner and takes several months to get new paper work. I think only retards and ***s go this route..
You clearly don't understand why the documentation process exists. States "do their own thing" when it comes to registering boats. It takes the guess work out of paperwork questions like these. Plus there are incredible tax advantages in a lot of states.

Last edited by Baja_342; 05-12-2011 at 08:07 AM.
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Old 05-12-2011, 08:04 AM
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Captains Choice is only a few miles from my house, I have looked at a few boats over there and have talk to the owners many times.... They seem like pretty stand up guys but I haven't ever bought a boat from them. That said I do know a few people that have and they never mentioned having any problems. Good luck.
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