Selling financed boat?

[Just_Ken_In_Va]

Selling my saltwater boat which is currently financed. I am not upside down on it. Any tips on how to do it? Tips for protecting buyer and seller?

Thanks in advance.

- Ken

[reclending.com]

Selling my saltwater boat which is currently financed. I am not upside down on it. Any tips on how to do it? Tips for protecting buyer and seller?

Thanks in advance.

- Ken

Your buyer will need VIN pictures and copies of your registrations. Not the actual papers yet but copies to know you own it. Your lender will have your titles and will send those to you once the loan is paid off. The new owner will need those and your actual registrations once you are paid. He will need your old ones for his state to make new ones for himself. You should get a 10 day payoff letter from your lien holder. It will have the amount and some sort of reference to the items getting paid off. They should also send you a "release of lien letter". Your buyer will need a copy of that too. Just a suggestion but a wire is best. We send wire for all payoffs. You have instant access to the money and zero chance of fraud. Also, banks will hold cashier checks for several days and your boat will be gone.
Of course you should have a Bill of Sale between you and your buyer. A very simple piece of paper with who is buying what from who and for how much. You would both sign that.
The process can be very simple but think about each step. You should provide for your buyer what you would require if the tables were turned.
Let me know if we can help.
Thank you,
Ken
(517) 543-6921 - Office