Buying a boat, but sellers bank still has title... - The HuntingPA.com Outdoor Community
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post #1 of 13 (permalink) Old 03-08-2013, 11:21 PM Thread Starter
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Buying a boat, but sellers bank still has title...

Im looking at a boat tomorrow, and everything seems good. Only thing, is he said he still owes on the loan, and the bank still has the title. He is selling it for a little under what he owes. So how do I do this and take the boat home with me? Is a bill of sale enough? Can i still get the boat/trailer registerd and all of that stuff, and use the boat while all of this is taking place? I never had to deal with this before, and always dealt with people who had the title in hand. Need a little help...

Thanks
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post #2 of 13 (permalink) Old 03-08-2013, 11:27 PM
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Re: Buying a boat, but sellers bank still has title...

I'm sure there are others more expert than I am on this. But I don' think I'd use that boat until it all goes through. I think the bank may have something to say about him selling it for less than he owes.
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post #3 of 13 (permalink) Old 03-08-2013, 11:31 PM
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Re: Buying a boat, but sellers bank still has title...

Probably not a good idea. As long as the bank has the title, they technically own the boat. If he doesn't pay the loan off the bank will want the boat. Personally, I would not make the deal until I had the title in hand.
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post #4 of 13 (permalink) Old 03-08-2013, 11:32 PM
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Re: Buying a boat, but sellers bank still has title...

No title no cash, I wouldn't give a cent till the title was notary over to me

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post #5 of 13 (permalink) Old 03-08-2013, 11:33 PM
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Re: Buying a boat, but sellers bank still has title...

You need to check with the bank to make sure they will release the lien. The seller can say and promise anything. The bank will not release the title until it is happy. Suppose you pay the seller and he doesn't pay the bank? You are out all the money and the bank still has the title.

I wouldn't touch that at all unless you get clear title to the boat WHEN the funds are paid.
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post #6 of 13 (permalink) Old 03-08-2013, 11:34 PM Thread Starter
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Re: Buying a boat, but sellers bank still has title...

Yeah, i hear about this all the time. People selling for payoff ammount, or trying to sell cars or boats to get out of the payments. I just never had to go through this before myself... Its a good price on a 2008 alumacraft mod-v with basicly a brand new yamaha 4 stroke. If I do decide to buy it, maybe go to the bank with him and see what they say?
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post #7 of 13 (permalink) Old 03-09-2013, 12:50 AM
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Re: Buying a boat, but sellers bank still has title...

The person you are dealing with has to get title from lender before he can give you title.

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post #8 of 13 (permalink) Old 03-09-2013, 02:15 AM
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Re: Buying a boat, but sellers bank still has title...

Go to the bank with the seller pay off the loan and get a satifaction of lien right there , its done every day M-F
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post #9 of 13 (permalink) Old 03-09-2013, 05:26 PM Thread Starter
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Re: Buying a boat, but sellers bank still has title...

Thanks guys. I am buying the boat, and he called his bank branch, and they will have the title in 5 buisness days. Then going with him to the bank. Paying the loan and doing what Pepsi's Dad said above.

Thanks for the advice.
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post #10 of 13 (permalink) Old 03-10-2013, 03:04 PM
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Re: Buying a boat, but sellers bank still has title...

Good Luck with the boat (I mean money pit).....lol
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