testtest

calling all financial wizards

powerboatr

powerboatr

Professional
yall know mrs boatr and i are knee deep( no offense to our coasties)
getting one of 2 boats
the one we have spent the most time and effort on is a 2005 baja outlaw 25 sst..
my credit union is approved on dollars, but one of the weird rules keeping getting in the way
and i am going to great lengths to stay with them as the interest is 7 vice 9 or higher , which is still to high , but its ok

yesterday the credit union told me they were all a GO , except the issue with title lien from a bank (aqua finance)
guy selling boat is using a consignment dealer that has sold billions in performance boats over the last 20 plus years, very well established etc
the guy has a lien still on the boat, so my credit union is stopping from sending the check to the dealer , over fear of not getting a title when i take delivery and then said title transferred to my credit union, because the dealer has to process the loan payments up to aqua, which in-turn does their thing and sends title to my credit union. to me this is moot, as i have to register it in Texas and pay freaking sales tax on it and then Texas re-issues a registration and digital title reflecting the credit union as lien holder anyway.

so i asked the seller what the pay off is? vs what the dealer is has set as selling price, which by the way they dropped it 2k late yesterday as a good will gesture. so my payments go down and i still will put over 20% down. selling price now is 34995,

my thinking is my credit union could just send a pay off directly to aqua and then a second check to the dealer for the difference in pay off vs sale price minus my down payment
this way aqua is sort of locked in to send title to my credit union..
is this too hard ?

or do i go with option 2 and go with the bigger boat a outlaw 30 sst same year for 54k and start the process all over as it has a clear tiltle , or so i am led to believe
 
Wished I could give some good info but I am not a boat fan as I watch a friend and the rules he has to jump through and out of pocket especially moving to different water sources. Last word I heard was he was giving up on boating and sold his boat and Ski do's
 
Your thinking is correct - at closing, the credit union should be able to write two checks: one directly to the lienholder for payoff, the other to the consignment company. I don't know specifically how boat titling works, but your thinking about titling in Texas with a lienholder seems right... and the consignment dealer should be able to facilitate that.

I do know that that industry got absolutely crushed by boat title fraud in many states, so they're very careful.

This is a fun 45 minutes to see how one man helped crash the industry in the early 2000's:
 
i talked to my credit union a few minutes ago and the consignment place
the lady at credit union was open or understood my questions and thought processes so she was forwarding it to the deciding person

the dealer was like HECK yeah we can do that...but the title still has to come through them first as they have to legally transfer it like a normal dealer does and they have all the power of attorney documents etc
he was ok with 2 disbursements
he did say like cars...the title could take 45 days to process from mass to alabama... and then back after i register it
which cant be done until AFTER the title shows up to credit union
so i could be using a boat for 45 days with no texas numbers or mass numbers.... i am sure dps and water cops would love that ticket
so at least we have movement.
honestly i am almost passed due on it and might move on to a brand new one and sell a kidney to cover it


and title fraud is huge
florida used to be the place to re title stolen boats easy as pie
i am bewildered at why mass does not issue titles on boats???? just registrations, i can print a mass registration in a minute at home..
 
Yes, 2 checks as you mentioned is the easy way to clear the lien holder, however this deal........sounds like you may have a clear title with your lien holder ready for the water for the New Year's Day flotilla, but don't bet on it.
 
well after talking to my credit union
she can issue 2 checks, easy
but the dealer requires both so they can full-fill their contract with the owner/seller, and process the deal as a dealer and all that
the dealer has a contract with seller so he cant sell it privately as which this would be until his contract with dealer expires without paying a fee.
so with 4 states of bureaucracy , texas also being dicks about 30 days to register or not use boat. and the 6 % tax (import fee as i see it)
i pulled the pin and we shall wait
buying a new one in texas seems to be the best route..especially for all the banks ...imagine that
its not the end of the world
i have an SUV of boats in my eye
a robalo 230, so maybe its fate or somebody looking out for us
 
powerboatr said:
yall know mrs boatr and i are knee deep( no offense to our coasties)
getting one of 2 boats
the one we have spent the most time and effort on is a 2005 baja outlaw 25 sst..
my credit union is approved on dollars, but one of the weird rules keeping getting in the way
and i am going to great lengths to stay with them as the interest is 7 vice 9 or higher , which is still to high , but its ok

yesterday the credit union told me they were all a GO , except the issue with title lien from a bank (aqua finance)
guy selling boat is using a consignment dealer that has sold billions in performance boats over the last 20 plus years, very well established etc
the guy has a lien still on the boat, so my credit union is stopping from sending the check to the dealer , over fear of not getting a title when i take delivery and then said title transferred to my credit union, because the dealer has to process the loan payments up to aqua, which in-turn does their thing and sends title to my credit union. to me this is moot, as i have to register it in Texas and pay freaking sales tax on it and then Texas re-issues a registration and digital title reflecting the credit union as lien holder anyway.

so i asked the seller what the pay off is? vs what the dealer is has set as selling price, which by the way they dropped it 2k late yesterday as a good will gesture. so my payments go down and i still will put over 20% down. selling price now is 34995,

my thinking is my credit union could just send a pay off directly to aqua and then a second check to the dealer for the difference in pay off vs sale price minus my down payment
this way aqua is sort of locked in to send title to my credit union..
is this too hard ?

or do i go with option 2 and go with the bigger boat a outlaw 30 sst same year for 54k and start the process all over as it has a clear tiltle , or so i am led to believe
Click to expand...
The two happiest days of my life, the day I bought it and the day I sold it. Good luck
 
we had title or the form the state of mass uses

the process between 4 states and credit union rules just kept running over each other
the guys at the consignment place says it happens from time to time with so many different players
in the end my credit union would drop the funds to the lien holder, but that would cut out the consignment place a bit on their fee, and still have to file all the paperwork.
going to wait it out,
used prices will fall fast here in the next 3 months,
people dont want big go fast boats anymore
the center console has become the SUV of boating its a hot one
live and learn
 
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