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hey guys just a quick question on selling an outboard. if you were to sell an outboard and you still have it on your boat loan, are you going to have to pay off that part of the lien to sell it? what if the motor was only good for parts or it's blown and you don't want to try to fix it could I sell it? thanks
<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by smittytriton20x »</td></tr><tr><td class="quote">hey guys just a quick question on selling an outboard. if you were to sell an outboard and you still have it on your boat loan, are you going to have to pay off that part of the lien to sell it? what if the motor was only good for parts or it's blown and you don't want to try to fix it could I sell it? thanks</td></tr></table>
That is a really good question. I would contact the lender or lien holder and ask that exact question. They could give a partial release. They may also be interested in a new loan and put a lien on the whole package with the replacement engine. Let us know how this goes.
Ken, Todd & Chris
I haven't had the chance to call the bank yet. But I know in this state you don't title outboard motors so I wouldn't have to pay off the loan to get a title like a car. But if I were to buy another motor with cash would they consider subbing the new motor as collateral in place of the original motor? Just trying to bounce some questions off of you guys. Thanks
<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by smittytriton20x »</td></tr><tr><td class="quote">I haven't had the chance to call the bank yet. But I know in this state you don't title outboard motors so I wouldn't have to pay off the loan to get a title like a car. But if I were to buy another motor with cash would they consider subbing the new motor as collateral in place of the original motor? Just trying to bounce some questions off of you guys. Thanks</td></tr></table>
I don't know why they wouldn't. I know it sounds like dancing but each lender handles these things a bit different. We wish they would be more consistant but that will never happen. Our best advice is to call the lender direct and ask them how they handle it. The BMT is worth more to them with a new working engine. They may also be interested in extending you a loan if needed.
Good luck but it should work fine.
Ken, Todd & Chris