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Speedin' Ian
03-08-2006, 10:12 AM
I'm buying a used boat this weekend, the problem is the bank still holds the title and they said it will take 30 days to get it. So how can I make sure I don't get screwed on this deal? I don't want to hand over 18k and not leave with the pink slip. Is their a form at the DMV or AAA that we can fill out that will ensure the boat is mine?

Havasu Hangin'
03-08-2006, 10:15 AM
Pay the lienholder off directly, and get a Bill of Sale from the owner.
A DMV Bill of Sale is enough to apply for a duplicate Title, even if the lienholder doesn't get it to you in a timely manner.

Biglue
03-08-2006, 10:16 AM
I'm buying a used boat this weekend, the problem is the bank still holds the title and they said it will take 30 days to get it. So how can I make sure I don't get screwed on this deal? I don't want to hand over 18k and not leave with the pink slip. Is their a form at the DMV or AAA that we can fill out that will ensure the boat is mine?
Make arrangements to pay off his loan and buy the boat at the same time. You can walk out of the transaction with papers in hand saying you are the buyer. I did it a little over a year ago. Dont see why the bank would take 30 days to get the pink slip to you. Better be careful. I would talk to the bank myself.

Cole Trickle
03-08-2006, 10:19 AM
If there is a lean on the boat you will not be paying the owner you will be dealing with the bank.(Don't give him $ unless you are paying more than he owes)
If it was with a reputable bank and you had a bill of sale I wouldn't be worried.

Mrs. Bordsmnj
03-08-2006, 10:20 AM
When we sold our last boat, the buyer paid our bank directly and then we sent the title to the new lienholder. It was a same day transaction, not 30 days.

Jbb
03-08-2006, 10:24 AM
There is a thread around here ...somewhere....about a jetboat that is back on the market... :p

Speedin' Ian
03-08-2006, 10:26 AM
The loan is through a company called Green Tree... I have spoke with them and they did confirm that it will take up to Thirty days to get the title.

DMVQUEEN
03-08-2006, 10:27 AM
It might take the bank 30 days to produce the title because it may be a paperless transaction with DMV, or the title is stored at a different bank location, and they will have to request it from the records department of the bank. DO NOT PAY THE SELLER DIRECT
You make any amount of money out to the BANK, DO NOT PAY CASH.
Get a Cashiers check and make it out directly to the lienholder.
Get a copy of the registration, and the bill of sale, and take it directly to DMV so they can start the transfer, pending the surrender of the title by you.
I have heard TOO many stories like this that have gone bad when the buyer pays the seller directly with cash, they guy dissapears with the money, and the bank still wants the outstanding loan amount.
Talk with the bank, if it's on the up and up, they will deal with you no problem.
Good luck
Sara out

Tom Brown
03-08-2006, 10:28 AM
There is a thread around here ...somewhere....about a jetboat that is back on the market... :p
... and it's cherry! :D
Hey... don't you have some cobra door jams to work on? :D

NautiTwins
03-08-2006, 10:29 AM
The loan is through a company called Green Tree... I have spoke with them and they did confirm that it will take up to Thirty days to get the title.
I just went through this with a vehicle. Ventura County Credit Union, indeed take 30 days to send the pink slip, once they recieved the payoff check.

Boat Loan Guy
03-08-2006, 10:30 AM
We deal with payoffs everyday give me a call if you have any other question.
951-906-6300 Chris..

Jordy
03-08-2006, 10:34 AM
There is a thread around here ...somewhere....about a jetboat that is back on the market... :p
Brian. Stop hating. :D

Dave C
03-08-2006, 10:56 AM
If you are in Cali, you can get documents from the DMV to do a title-less transfer. This is redundant but at least you have paperwork in hand in case the title is "lost".
As they said, don't forget to pay the lien holder directly.

Speedin' Ian
03-08-2006, 11:13 AM
Thanks for all the advice guys

Jbb
03-08-2006, 11:33 AM
... and it's cherry! :D
Hey... don't you have some cobra door jams to work on? :D
Door jambs are done......please pay attention

Tom Brown
03-08-2006, 11:38 AM
Door jambs are done......please pay attention
No wonder you have time to help Ian with his boat buying question. :cool:

rrrr
03-08-2006, 11:39 AM
Brian. Stop hating. :D
:D :D Fawkin' power auger sh*t stirrer.....

Jbb
03-08-2006, 11:42 AM
No wonder you have time to help Ian with his boat buying question. :cool:
Its all downhill from here brutha!
Im a giver.....Its my nature!.........

Tom Brown
03-08-2006, 11:45 AM
Im a giver.....Its my nature!.........
Hey... don't think the effort isn't appreciated. :cool:

Jbb
03-08-2006, 11:47 AM
Brian. Stop hating. :D
I was merely pointing out some options to young Ian...!
Jbb>>>non hater..........ok maybe 1 or two board members.......3 max... :p
But thats not without valid reasons.... :mad:

Jbb
03-08-2006, 11:48 AM
Hey... don't think the effort isn't appreciated. :cool:
At times I feel my message is lost......Its all gonna be in the manifesto.... :220v:

Outnumbered
03-09-2006, 12:05 AM
Here is what you must do:
Make out 2 cashiers checks, one to the bank for payoff (be sure its a 10 day payoff). Make out another for the difference payable to the seller. Meet at the seller's bank and do the transaction. Make out a bill of sale detailing the verbal deal you both have. Have it NOTARIZED with both your sigs on it at the bank. They should do it for free. The bank will not send you the title, they will send it to him--even if you pay it off. Be sure that you have in the agreement that he is to deliver the title to you within 3 days of receipt from the bank. I have done this a few times and it works very well.