www.iFourWinns.com

Boy would I love to just step into that H210! But of course right now budget constraints are in play. Plus I can keep a 180 in the garage and be able to "tinker" with it over the winter....
Once again, thanks for all the advice.
Keep you posted as to what happens.
Tim

Im not sure how deep your garage is, but for me, I can put my H210 in the same spot as my 19 foot thanks to a swing away tongue.

_________________
2011 H210 SS
MerCruiser 350 MPIC/Bravo I 300hp
"Crooked Wake"


Prior Boat
1999 Bayliner 1950 CL

My garage is about 18 and a half feet deep. I need 20 feet for the H180 with the swing away part of the trailer folded up. I will put it in diagonally to make fit. I guess the car is out of luck!

Okay,
Quick update here. I made the offer of 10K even and it was accepted. I am having the boat delivered to my house by the owner next week. I am excited to get it in the garage and being able to tinker with it over the winter.
Since this is my first boat, I have a couple of quick questions regarding the transaction itself.
The guy doesn't own the boat outright. He is still making payments on it. He has told me that he will send the title to me as soon as he gets the title from the bank after he pays off the loan. Obviously I would rather give him the money and I receive the title in one nice transaction. But he can't do that until he pays off the loan. Any suggestions as to how to handle this?

I was going to write up a contract stating that the seller has received 10K in exchange for the boat and trailer and that the title is to be sent to me upon payment of the loan. etc.. etc...

I will have the boat at this point. So I'm not worried about the guy not delivering and my money being gone. The guy seems like a straight shooter also. Plus I know where he lives too.

Anyhow, any suggestions or comments on how to proceed with the transaction would certainly be appreciated.

Also, regarding winterization of the boat when it is going to be sitting in my garage. Do I need to winterize? Or just put some fuel stabilizer in? Suggestions on this??
Thanks in advance,
Tim
Pics forthcoming

What you can do is create a generic letter of payoff authorization. It states he is giving you permission to payoff the loan (if he owes less than 10k, you only send the bank what he owes and give him the balance. If more, he needs to send certified funds with your check) and it states your full name and address to which the title is to be sent. You both need to sign it and its a good idea to include a copy of each of your drivers license for verification. Upon you receiving the title, you need to get the seller to sign it to release it so you can get it retitled in your name.

_________________
Current Boat:
2004 Sea Ray 320 Sundancer "Nauti Luvin'"

Previous Boats:
1999 298 Vista "Seas The Day"
2008 H200SS "Nauti Luv"
2006 Tahoe Q4

I would contact his bank and ask how they prefer it be handled. I like the payoff authorization idea, I don't know that I would feel comfortable giving him the full amount and taking his word that he would pay it off (see JAK's recent thread on these problems).

Meeting at the bank and settling up with them in person may be another option.

_________________
-Rob.


Current boat: 2011 Yamaha AR210
Previous boat: 1998 Horizon RX 4.3GL SX

I like AGID's idea... but I do everything at the bank as well. Get everything in writing and consider giving it a 30-45 day time limit where if it's not completed you can reverse the deal. This should keep him on his toes to do the appropiate follow ups. I've bought several things this way and only had an issue one time. BUT the one time was to many.

Where in the world are the pictures....

Best wishes with your H180!

_________________
Current: 2006 H200 5.0 GXI SX Blue/White
Previous: 2003 H220 VP 5.7 Gi DP
Black/White

By all means...work direct with the bank if possible. I work in finance for an Acura dealer. Anytime a vehicle is traded in and any money is owed, we get the payoff authorization form signed by the customer. We send that along with the check to pay it off and we always get the title. Be sure to send certified funds as it speeds up the time it takes the bank to release the title.

_________________
Current Boat:
2004 Sea Ray 320 Sundancer "Nauti Luvin'"

Previous Boats:
1999 298 Vista "Seas The Day"
2008 H200SS "Nauti Luv"
2006 Tahoe Q4

Go to the bank with him and witness the payoff. If you have to wait for that to happen..... wait. Do not take delivery without the title, or witnessing him pay off his loan.

_________________
One of 4 Previous (Sold) Boats:
2000 Four Winns 268 Vista

Current Boat: 2004 Chaparral 235 ssi cuddy

First off, never give money out without having owner ship of the boat (title) or other sort of documentation. Just because you have the boat in your garage doesn't mean a thing. Without the title and or lien release showing ownership, basically you have a 10K paper weight!!!

I was in the exact same situation with my first boat. I had cash to pay for the boat, but he still had a loan on the boat which makes the transaction a little harder. Now it takes a little coordination between his bank (where he has his checking account) and the lending institution that has financed his boat. Having said that here is what I did and it worked beautifully.

1.) Have him call the lending institution (that financed the boat) and inform them of the sale. Also inform them that they will need to fax a copy of the lien release to his bank after they receive the money that is being wired from his bank account to them, to pay off the boat.

2.) You and the seller meet at his bank with your cash in hand, your pre written sales agreement. Both parties sign the sales agreement and you give the cash to the bank agent. The bank agent puts the money in his account and then it's wired to the lending institution. The lending institution receives the money and then faxes the lien release over to his bank, then they give it to you.

When your done you have a signed (detailed) sales agreement, and the lien release in hand and a copy of the original title ([b]make sure they sign the title)[/b]. Although the title still shows there being a secured party, you posses the lien release later needed for the Secretary of State. The lien release is VERY important to have for the Secretary of State. Without the lien release from the lending institution Secretary of State will under no circumstances title the boat to you.

This process took me about an hour or so sitting at his bank when I did it. It will go much smoooother if you coordinate this prior to doing this process. Try and keep all the people at both banks in the loop and deal with only the people you spoke to when doing the transfer. That way they know whats going on. If its explained correctly, both banks will work with each other with out any issues. Good luck.

Recap: as you leave the bank you will have these things
-BOAT
-SIGNED TITLE
-LIEN RELEASE-
-SALES CONTRACT (drafted by either party).

All thats left, is to head to Secretary of State and register the boat, pay your taxes and enjoy. oh yeah, and POST SOME PICTURES!!!!!


Let me know if you need further assistance/clarification.

_________________
2011 H210 SS
MerCruiser 350 MPIC/Bravo I 300hp
"Crooked Wake"


Prior Boat
1999 Bayliner 1950 CL

Okay,
I think that the last post most closely resembles my situation.
The loan on the boat is through a bank out west somewhere. He is gathering all of the information regarding the loan on the boat (account number, payoff amount etc...) I specifically asked him if the amount of the sale would pay off the loan. He said yes. I will verify this though when I talk to his lender.
He has agreed to deliver the boat to me next week. I think that I will go down and pick the boat up though. I like the idea of going to his bank and handing the cash over and doing the wire transfer right there and then gathering the documents right there.
During the conversation today, the seller told me that when he talked to his lender they said that since Virginia was an "electronic" state, that once the loan was paid off they would electronically notify the DMV here in VA and then they would issue the title here.
Again, this is what he said that his bank told him. I have never heard of the title not being with the bank or lienholder before. Has anyone else heard of this?
The original plan was to have the boat delivered and then sign the bill of sale. Then the monies were going to be transfered. My original thought was to electronically send the money to the lien holder and then pay the balance owed to him when the title was sent to him and he signed it over to me.
I like the other plan better though, as long as I can get the title at the bank....
Thanks
Tim

No, he has a title period!!! Have him sign it over to you and then after is re registered in your name you will receive a new title showing you as the owner.

_________________
2011 H210 SS
MerCruiser 350 MPIC/Bravo I 300hp
"Crooked Wake"


Prior Boat
1999 Bayliner 1950 CL

No, he does not have the title. The boat is not paid off so the bank out in California has it right now. Once the funds are sent to them then they send the title to him. Correct?
I will gather more info from him as to the bank info etc....
Thanks for the help! I really do appreciate it.

Im in Michigan, and here anyway, they issue titles on all cars and boats even if there is a lien holder (bank). Its a title issued in the buyers name with the bank be on the title as a lien holder, and when loan is payed off, then they issue you a new title with the lien holder removed from the title. How else could you show owner ship of anything, without a title?? A title with a lien holder basically says you dont own it out right but you have owner ship of it. If that makes any sense.



Jim

_________________
2011 H210 SS
MerCruiser 350 MPIC/Bravo I 300hp
"Crooked Wake"


Prior Boat
1999 Bayliner 1950 CL

Hey Jim,
That makes total sense. Here in VA the boat has a registration that is issued through the Department of gaming and fisheries. From my understanding, they issue the registration and probably have a similar statement on it as to a lienholder. I will call tomorrow and verify this though. The DMV here issues a title for the trailer. Here in VA you get a registration for your vehicle/trailer. The bank holds the title until the loan is paid off and then they send you the title. At least that is how my car loans all were handled.
Anyhow, I am going to be doing some calling to the various agencies to make sure before we do this transaction. I do appreciate your suggestions. I thank you very much for all the help!
Tim