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Regarding NM Fraud, How does a boat buyer protect himself?

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Old 08-19-2004, 10:27 AM
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Default Regarding NM Fraud, How does a boat buyer protect himself?

I am in the market for buying a new or used boat. How do I protect myself from someone like National Marine? How do I insure that the dealer or individual selling me a boat actually has a free and clear title?
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Old 08-19-2004, 10:39 AM
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Default Re: Regarding NM Fraud, How does a boat buyer protect himself?

I've always gone by one standard, whether it's a car, boat,motorcycle...etc. You give me the vehicle and a title and I give you the money.
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Old 08-19-2004, 10:42 AM
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Default Re: Regarding NM Fraud, How does a boat buyer protect himself?

Escrow
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Old 08-19-2004, 10:45 AM
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Default Re: Regarding NM Fraud, How does a boat buyer protect himself?

It amazes me how many problems there are out there in the marine industry.

Good to have a forum re: all the crap that is dealt.
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Old 08-19-2004, 10:58 AM
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Default Re: Regarding NM Fraud, How does a boat buyer protect himself?

Quote:
Originally Posted by craig223
I've always gone by one standard, whether it's a car, boat,motorcycle...etc. You give me the vehicle and a title and I give you the money.

What do you do if the bank holds the title and won't release it until the loan is paid off?
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Old 08-19-2004, 11:03 AM
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Default Re: Regarding NM Fraud, How does a boat buyer protect himself?

both buyer and seller contact the bank, get a signed and notorized authorization for payoff have the seller send the payoff amount directly to the lienholder and upon receipt of the title is when balance is paid...i have done this numerous times and have been on both ends and luckily so far nothing has gone wrong
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Old 08-19-2004, 11:06 AM
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Default Re: Regarding NM Fraud, How does a boat buyer protect himself?

Quote:
Originally Posted by bajabob38
What do you do if the bank holds the title and won't release it until the loan is paid off?
Good question. I guess like Gary said...Escrow.

I've just never been in that situation before.
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Old 08-19-2004, 11:15 AM
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Default Re: Regarding NM Fraud, How does a boat buyer protect himself?

Good idea, thanks for the advice.
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