Selling a boat with a note?
04-22-2004 | 04:56 PM
#21
Official OSO boat whore
Joined: Oct 2000
Posts: 6,157
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From: Mequon, WI
I don't know if you are asking this as a seller or a buyer or how much money is involved. I experienced this first hand and it looked like the deal was going to fall apart. The problem centered around it being a private party sale. In the end I wrote a check off a credit card (15k!), sent it to him BEFORE the pickup, the bank cashed it and released the title. I then got a loan using it as collateral to pay off the card. I got the card paid off right away so the interest charges were minimal.
04-22-2004 | 06:08 PM
#23
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Joined: Dec 2001
Posts: 3,904
Likes: 1
From: Iowa - Missouri
It isn't as hard as you are making it. The bank will advance the funds direct to the bank needing paid off either with a cashiers check or by a wire with instructions to release the lien on the title and forward it to them. They generally get the title within 2 weeks. IF it is a non title holding state like Missouri the sellers bank forwards the release of lien to the buyers bank
The remaining funds (if any) go direct to the seller.
Done deal, we do it with cars, boats and motorhomes every day.
IF the boat is owned free and clear then the bank will make the check to the seller and the buyer and the buyer will endorse it he or she picks up the boat and also take posession of the title at that time and needs to deliver the title to the bank ASAP, usually we give 5 days. IF we are not comfortable with either party we will have the funds held by an escrow company at the sellers end and he delivers the title and picks up his check
The remaining funds (if any) go direct to the seller.
Done deal, we do it with cars, boats and motorhomes every day.
IF the boat is owned free and clear then the bank will make the check to the seller and the buyer and the buyer will endorse it he or she picks up the boat and also take posession of the title at that time and needs to deliver the title to the bank ASAP, usually we give 5 days. IF we are not comfortable with either party we will have the funds held by an escrow company at the sellers end and he delivers the title and picks up his check
Last edited by Von Bongo; 04-22-2004 at 06:14 PM.
04-22-2004 | 08:49 PM
#24
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Joined: Jan 2001
Posts: 5,199
Likes: 5
From: FLORIDUH
Originally posted by Downtown42
Or, have buyers bank make 2 cks. One to your bank for the exact payoff and/or per diem and one to you for your equity. Buyers bank should contact your bank directly. They will exchange payoff info and you just confirm the numbers are agreeable.
Or, have buyers bank make 2 cks. One to your bank for the exact payoff and/or per diem and one to you for your equity. Buyers bank should contact your bank directly. They will exchange payoff info and you just confirm the numbers are agreeable.
Bob
04-22-2004 | 08:52 PM
#25
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Originally posted by IDRPSTF
What bank?
I am in CA. just send me the money and I'll see that its gets to the proper channels!
And buy proper channels I mean I will be spending it on beer and "Women with questionable morals" at the London Bridge Channel this weekend.
What bank?
I am in CA. just send me the money and I'll see that its gets to the proper channels!
And buy proper channels I mean I will be spending it on beer and "Women with questionable morals" at the London Bridge Channel this weekend.
04-23-2004 | 07:39 AM
#26
Thread Starter
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Joined: Jun 2001
Posts: 21,346
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Nahhh...what's 10-13 feet? 
Mike, thanks for the incredibly nice gesture. I've been dying to check out that Concept, you know...
--------------------
All,
Thanks again for clearing this up. Seems pretty simple now.
Mike, thanks for the incredibly nice gesture. I've been dying to check out that Concept, you know...
--------------------
All,
Thanks again for clearing this up. Seems pretty simple now.
04-23-2004 | 08:15 AM
#29
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Likes: 10
It's getting tougher and tougher, Chris.
It fools most banks most of the time.
The only foolproof way, is to wait long enough for the check to actually clear by the issuing institution, not just presented.
It fools most banks most of the time.
The only foolproof way, is to wait long enough for the check to actually clear by the issuing institution, not just presented.
