Purchasing a boat with a Lein on it

[99R93S]

It might crack you up…. But when Im relaxing at 55 retired and enjoying life because I made intelligent financial decisions, I promise I’ll be cracking up

I think you over looked my main point. I’m not talking about spending money you don’t have or making a poor choice. I was simply stating not everyone is in your situation. I am happy for you that your disciplined and life has gone well for you. Many of us live in another world and buying from a bank with a lein isn’t a big deal. It’s safe.

[99R93S]

I always like to keep cash, if u ever get in the middle of nowhere and tire shop doesn’t take cc u will understand why carrying cash is supremely important

Actually I agree with this 100%. I always keep a couple hundred tucked away in wallet for emergency.

[ksubasser24]

Curious what B******* decided. No update from the OP

[Crankinh20]

Simple go to your bank they will call and get payoff that way everything will be handled.
no way I’m giving a cashiers check to someone and trust he does right thing.

[basshole51]

Curious what B******* decided. No update from the OP

I ended up passing on it. the boat was not as described and seller was very hesitant about me working with their bank directly. too many red flags.

[PowerFish]

Well then best to keep on shopping if he was being sketchy anyway.

[Thamelau]

It is silly to pass on a boat because of a lien IMO. I got ahold of my bank, he got ahold of his, my bank wrote a check to his bank for the owed amount that his bank provided my bank, and wrote a check to him for the balance of the loan I was getting. I paid a down payment in cash and that gave me some haggle room during the boat ride. We then went to his bank to perform the transaction and have the BOS notarized.

[Thamelau]

It might crack you up…. But when Im relaxing at 55 retired and enjoying life because I made intelligent financial decisions, I promise I’ll be cracking up

So are you saying that purchasing a boat that someone has a lien on will raise the price of the boat??? That doesn't make much sense to me...

[berudd]

I'm not sure why some recommend buying a different boat. Its just a simple wire transfer from your bank to his.

[Pokie Pa]

I ended up passing on it. the boat was not as described and seller was very hesitant about me working with their bank directly. too many red flags.

You did the right thing. Plenty of GOOD deals out there with everything in place to buy it.

[ksubasser24]

I ended up passing on it. the boat was not as described and seller was very hesitant about me working with their bank directly. too many red flags.

I would have passed to if the seller would not work with buyer to set up transaction between banks.

[06 SB]

I'm not sure why some recommend buying a different boat. Its just a simple wire transfer from your bank to his.

Because too many sellers want the check and will "take care of it themselves." I do would not trust anyone, even someone I knew, to use the money properly. It is just business. The example in this thread is anecdotal evidence of this. See the OPs decision below.

I ended up passing on it. the boat was not as described and seller was very hesitant about me working with their bank directly. too many red flags.

[FISHON317]

Better figure it out,think there is going to be a lot of it

[paulrodbender]

I ended up passing on it. the boat was not as described and seller was very hesitant about me working with their bank directly. too many red flags.

Smart. As I posted before, I bought mine with a lein and when I contacted his bank and informed them of me buying it. They informed me he was 6+ months behind and they repo'd it the next day. I still ended up buying it off the guy but it was a little hassle and a few sleepless nights untill the deal was done. His bank grabbed the boat to make sure they got paid and he didn't pull a fast one.