How to sell my boat.

[Bassfan99]

I will be selling my boat soon. The boat has a loan still on it so the lender has the title. In order to release the title, the loan's remaining balance must be paid off. In speaking with the lender they said it takes btwn 30-45days from the time they would get the payment for the remaining balance till when the title will be available at the local title agency. I am wondering how people would go about selling a boat considering this. Obviously if a seller was to pay me the amount he is not going to want to wait 45 days before he can get the actual title and put it in his name, and I am nervous about handing over a boat that is still technically in my name. What is the normal process in something like this? Thank you all for any advise.

[MengRanger]

I just went through this as the buyer. I got a bill so sale, a receipt of my cashiers check, and the boat. If I wasn't bringing the boat home, I would not make this transaction as a buyer. I expect to have the titles in the next 30-60 days.

[RazorCat]

When there’s still money owed on a boat or auto I always contact my lender (my CR) and get the early payoff amount. If the Seller agrees to proceed I always set up a meeting at the bank or CR for monies and title to change hands. If the Buyer is paying cash (no loan) my lender has always gladly provided either a photocopy of the original title, or some form of written proof to the Buyer that the CR is the titleholder until the original title is provided. If the Buyer is borrowing the money to buy your boat then their lender will be sent to original title to hold.
The 30-45 day wait is kind of ridiculous. I’ve never had it take more than 15 days for a title to change hands.

[woppercatcher]

I went through this as a seller. Although my boat was paid for, the buyer was borrowing the money and their bank was out of state. Their bank would not give me a check without the title and COO and I wouldn't deliver the boat without the money from their bank so there was a standoff. It was a PIA but after a few weeks the sale was complete. I wasn't in a hurry as I was waiting for my new boat to be delivered

[tracer1]

I also went through this some time ago. I got the information of the payoff and lender (credit union) from the seller, Went to my bank, bank contacted his lender, got the exact payoff. My bank then sent a wire transfer for the payoff to his lender. Payment made and his lender sent him the info of the wire transfer. Done deal, took possession of the boat and yes the lender would send me the title asap. They don't have every title of every vehicle and such lying on their desk and there is paperwork to be completed by the lender and bank. Received title in about 2 weeks and registered boat in the time requirement of SC. Oh yes, for all this to be completed (wire transfer) the seller has to notify his lender and give permission for this payoff to take place, Went very smooth. I received a fax at my bank showing everything was done and in order. And it is always good to have the seller with you at your bank, if possible. Boat was paid for from my account and no loan of any kind was made. I'm sure that made the transaction very easy for seller and lender. And of course for me & my bank.

[06 SB]

tracer is correct. Get the banks involved and have the money wired TO HIS BANK for the pay off. If you are getting a loan as well, your bank has a vested interest in getting the title. This should not be a person to person transaction. It needs to be bank to bank.

[ssmithboats]

30 to 45 days to get a title after good funds reaches the finance co is BS there is no reason for them to hold the titles that long all that has to happen is for someone there to get off their but go to a file an send them.

[Bassfan99]

Thank you all for the info. I really appreciate it. My goal is to make it as easy for everyone. My only concern was if I was liable for the boat (as the title would still be in my name until the point its actually transferred to the new owner?)

[MengRanger]

You would have the bill of sale dated. Payoff copy, etc. Not saying that someone won't come after you, but you should be released from the case once this is presented.

[tracer1]

30 to 45 days to get a title after good funds reaches the finance co is BS there is no reason for them to hold the titles that long all that has to happen is for someone there to get off their but go to a file an send them.

Yes and no.........If yours is the only title in that state to be sent out, yes. Unfortunately there are hundreds of titles changing hands on a daily basis. Some coast to coast transfers. Years ago you could payoff a boat where the loan was titled (bank), pick up the title there and be done with it. Nothing is that simple anymore. Bank managers no longer have titles lying in their desk drawers. If a credit union, bank, mortgage company, etc is holding your loan, ask them how long it would take to receive the title if you pay off the loan that day. I assure you, they won't walk somewhere in the office and get the title for you that day.. BS ? Yes, but that's the way it is today. They go through set channels like everything else does these days.

[jigman51]

In Missouri you keep the titles, boat, motor, and trailer. You just make a bill of sale for both of you. Payoff the loan and the bank will then send a release of lien. It usually takes about 2 weeks to get the release. You fill out the sale portion on the back of the title as well.