Trying to Finance 05 Triton tr196

[polywad6963]

I'm trying to purchase a Triton from a member here on the site. I have already been pre-approved for the purchase of the boat, but the boat is located in Alabama (Heard the boat/motor/trailer doesnt need titled/registered??) I am from Ohio and the state requires everything being titled, and not just a "bill of sale" How can I show proof to the bank to get this loan completed? Local dealership is skeptical on this, and not being much help.

Thanks to all responces, first boat purchase.

[reclending.com]

<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by polywad6963 &raquo;</td></tr><tr><td class="quote">I'm trying to purchase a Triton from a member here on the site. I have already been pre-approved for the purchase of the boat, but the boat is located in Alabama (Heard the boat/motor/trailer doesnt need titled/registered??) I am from Ohio and the state requires everything being titled, and not just a "bill of sale" How can I show proof to the bank to get this loan completed? Local dealership is skeptical on this, and not being much help.

Thanks to all responces, first boat purchase.</td></tr></table>

Titles and liens are hard. I am sure the dealer has had issues in the past and since they do not deal with it every day, handing out advice is tough. The hard part for your lender is they need to see that there is not an existing lien on the boat, motor and trailer. I don't think Ohio titles trailers but does the boat and engine. The current owner might have the original MSO's. You might want to ask the seller how his lien was placed. We are well aware of the cross state line issue when it comes to titles. We have one customer now that is buying a boat from out of his state and the current owner is going to his state office and is buying a paper title for $2.50. Best advice is to ask the lender you are working with what they require and have them do a search by VIN and look for liens. There are sites for this and they should be able to help. Let us know of you need a hand.
Ken, Todd & Chris

[polywad6963]

There currently is a lein on it, the boat is not paid in full. What was going to happen was he was going to was pay it all off when he got the check, so his was paid off??? He owes approx 21k and selling it for 19k, and is paying off the remaining balance off once its sold to me. Im still trying to work everything out, but I dont know what I need to do up here, and what he needs to do up here. Are you saying I can purchase a title at a title bureau (blank) and take it down there, putting all the information on it, and then send it to my bank?

[jentrick]

Alabama does not have titles on boats and trailers. But we have registration which has the boat,trailer and motor serial #. The DMV has a copy of that too which theirs will show a lien on the it if the boat has a lien...The registration is a title and other states will honor it as a title.You will purchase the boat the owner will hand you a bill of sale and the boat registration. You wll go to your local DMV pay taxes reg the boat and your done.It is that simple.

[reclending.com]

<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by polywad6963 &raquo;</td></tr><tr><td class="quote">There currently is a lein on it, the boat is not paid in full. What was going to happen was he was going to was pay it all off when he got the check, so his was paid off??? He owes approx 21k and selling it for 19k, and is paying off the remaining balance off once its sold to me. Im still trying to work everything out, but I dont know what I need to do up here, and what he needs to do up here. Are you saying I can purchase a title at a title bureau (blank) and take it down there, putting all the information on it, and then send it to my bank?</td></tr></table>

We have done deals where the payoff is higher than the sell price. What we do is after the contract is signed, the seller puts his money in "first". That way we get a firm payoff amount from the lien holding bank. Once the new contract money is wired in, the title is cleared. You do not want to sign and cash a contract, pay your money then wait for the seller to put in his. If the seller is not willing to do that, there may be a red flag. Getting a "release of lien" is the key. Let us know if you need a hand. state lines and titles are always interesting. Ken, Todd & Chris