Selling Outboard Loan question

[jyu87]

Long story short - thinking about selling off my outboard. I enjoy the boat as a whole but I simply cannot enjoy the outboard due to limited water access. All the local reservoirs are electric only. I'm thinking about selling the outboard and keeping the entire boat as a whole and converting it to an electric only rig.

Does anyone know if that affects the loan in anyway?

[reclending.com]

Long story short - thinking about selling off my outboard. I enjoy the boat as a whole but I simply cannot enjoy the outboard due to limited water access. All the local reservoirs are electric only. I'm thinking about selling the outboard and keeping the entire boat as a whole and converting it to an electric only rig.

Does anyone know if that affects the loan in anyway?

Yes, we know about that.
If the boat, motor and trailer have a lien (bank loan) the bank would need to release a portion of the loan. Good luck with that. They would need to assign a value to just the engine and also just have a boat and trailer left. Have not seen that happen yet. IF IF IF the bank would entertain that, the funds from the sold motor would go to them to apply to the loan. Until the lien is satisfied, the bank owns the assets. I see your in Maryland. Your state does not title engines but the lender would still have a UCC filed. That's the way a lien is placed on non-titled items.
Let me know if we can help.
Thank you,
Ken

[jyu87]

Sounds like it would be easier for me to get a new boat with no outboard.

[reclending.com]

Sounds like it would be easier for me to get a new boat with no outboard.

That's probably not any easier. Finding a dealer that will take an engine off and put in inventory is tough. They have a bunch of labor involved and the package is generally purchased and floor planned together. There are some open transom type boats on the market but they would tend to be aluminum. If that fits the need, that could be an option. Borrowing money on just a boat and trailer is a bit spotty as well. Lenders tend to like things that are complete.
Ken

[jyu87]

That's probably not any easier. Finding a dealer that will take an engine off and put in inventory is tough. They have a bunch of labor involved and the package is generally purchased and floor planned together. There are some open transom type boats on the market but they would tend to be aluminum. If that fits the need, that could be an option. Borrowing money on just a boat and trailer is a bit spotty as well. Lenders tend to like things that are complete.
Ken

You are right - I have a buddy that purchased this package through Crestliner. They allowed it some years ago, supposedly they didn't really have any ties to outboard companies. He was able to get the Hull and trailer and built an electric setup off of that.

Thank you for all your help!