Purchasing boat with a lien from an individual

[Tigetab]

Who's done it? Any advice besides not buying from guy who lives in Zimbabwe selling for his brother's third cousin who is getting deployed?
I mean it takes quite a bit of trust between two strangers. Obviously he has good taste in boats...

[Bamer]

So you are the buyer, who will finance through the owner? Why? What’s in it for you? What’s in it for the seller? Do you personally know the seller?

Loans have low rates right now, just go get a loan.....


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[Ironrequiem]

I know a prince in Zimbabwe, he is having issues getting his money out of the bank with the pandemic. He is sending me a check for 2.5 million to deposit in my account and wire him back 1.75 million and I keep $750,000 for helping him out. I am going to custom order a 2021 Tige fully decked out as soon as I get my $750,000.00

[UNSTUCK]

I've sold two boats private party. Both with liens on them. In each case we went for a test drive and then met up at my bank. The buyer gave the money to the bank teller who then paid off the loan and dumped any extra money into my savings account. We then waited around for them to bring us the title which had the lien release signed. After that we went over to the in house notary and had them sign a bill of sale that I already had made up. Really quite simple and I actually think it makes the buyer more comfortable. It's hard to pull all that off and still be a scam.

[BrentB]

Do you mean the boat is not yet paid off by the current owner?

I’ve never purchased a boat from a private seller, but I did recently sell my previous boat which was not yet fully paid off. It was a fairly smooth process. I just paid off the loan, got the title in hand and sold the boat.

If the current owner is not capable of paying off the loan in full before selling to you or if he owes more on it than what you will be paying, that could complicate things a bit, but doesn’t make it impossible.

And if it’s out of state that makes it a little more complicated, but again, not impossible.

The most important thing is that you trust the seller.

[sandm]

done almost any transaction you can imagine....

sold last boat to a guy in mn with a lien on it. his banker talked to my banker and did all via email. funds wired and my bank sent title to his bank. done deal.
sold a car a couple years ago. buyer reached out to my bank and confirmed payoff. we went to his bank and wired monies to mine. they sent title to him directly.

its pretty straightforward. have buyer work with your loan officer at bank or if you are buying, do the same.
keeping banks involved helps keep it on the up and up imo.

[mikemcclain8]

I bought mine from someone with a lien. Both of us had USAA membership and boat was financed through them. I borrowed enough to cover the lien and paid the rest in cash. USAA handled it all while we were both on the phone from his driveway. Different situation but stated to show that pretty much anything can be accomplished in this situation.

[jeepcj258]

I have bought boats and vehicles with leins from individuals without issue. Find out who the lien is with, get the contact info of the lending institute and hopefully an individual at that institute that your seller has worked with and call them. PAY THE BANK/LENDING INSTITUTE first, not the individual. I generally like it when I can meet the seller at the bank/lending institute and execute the deal inside that location.

[Tigetab]

Thanks for yall's input. I'm the buyer but I also want to make sure everything is easy for the seller.
I've been in contact with his bank and they said that this is a very common call in their call center. I'm thinking I'll also write up a Bill of Sale with agreed price and other details. Seems like a pretty easy process.

[Johnaprov]

According to this wording, I didn't guess that the author considered the participation of the bank in the transaction. If there is a guarantee from a banking institution, then everything can be done correctly. I'd be surprised at your courage if you were talking only about receiving verbal guarantees.

[txmxer]

Agreed with above, go to bank together, confirm that lien was paid by contacting the bank, notarize the title.