Selling Questions

[Jeff L24]

I'm considering selling my 2021 Yamaha 195S and had 2 questions I was hoping people could answer that have been in this situation.

1. With all the scammers out there these days, what steps can I take ensure payment is legitimate? Is having funds wired to my bank the safest way?

2. Since the boat is still financed through Yamaha, can I pay off the loan and have Yamaha send the title to the buyer, or will it come to me and I'll have to forward it to the new owner?

Thanks

 

[anmut]

1. I wouldn't deal with anyone buying a boat that didn't show up in person with cash. If they insist on a cashiers check, just make sure you keep the boat long enough for your bank to ensure it's valid.
2. When you payoff the boat, the title comes to you. Then they have to transfer and pay uncle sam his dues.

Something else to consider when selling a boat - there was recently and abandoned boat on the shoreline of Lake Michigan in Milwaukee. That boat was ditched in a storm AFTER it was purchased from the previous owners, but BEFORE it was registered to the new owners. From what I've read, the registered (old owners) are now on the hook for removal... so just be aware of your liability on the property and make sure you get a hard and fast bill of sale (Chat GPT can create a nice one for you).

 

[Jeff L24]

1. I wouldn't deal with anyone buying a boat that didn't show up in person with cash. If they insist on a cashiers check, just make sure you keep the boat long enough for your bank to ensure it's valid.
2. When you payoff the boat, the title comes to you. Then they have to transfer and pay uncle sam his dues.

Something else to consider when selling a boat - there was recently and abandoned boat on the shoreline of Lake Michigan in Milwaukee. That boat was ditched in a storm AFTER it was purchased from the previous owners, but BEFORE it was registered to the new owners. From what I've read, the registered (old owners) are now on the hook for removal... so just be aware of your liability on the property and make sure you get a hard and fast bill of sale (Chat GPT can create a nice one for you).

Cash is king but can't imaging there are many people willing to show up with $35K in cash! I can use the dealer to sell but they require the title in hand and then take a commission. Thanks

 

[Sidarousmg]

when I bought last summer (around $20k price), seller and I went to my bank together, had them cut a cashier/certified check from my account with his name as the payee. I held on to the check until we completed the water test, then i signed it over to him and he handed me the title.

 

[rkluck]

I have done similar to the above as well. I also had my dealer sell my boat for me as well under consignment. Yes it cost a little but I didn't have to worry about people, water tests, money or paperwork. It was simple and easy.

 

[FSH 210 Sport]

There was recently a member on here who sold his boat, he and the purchaser went to the bank, the purchaser provided the cashiers check and the bank personnel verified the money from the cashiers check had gone into the sellers account before the title was signed over. As I believe I posted in that thread cashiers checks were at least the most forged financial document, so you’d want to go to the bank with the person who’s buying it and have the bank check all the numbers and verify that that money is in your account before you sign over the pink slip

 

[Jeff L24]

when I bought last summer (around $20k price), seller and I went to my bank together, had them cut a cashier/certified check from my account with his name as the payee. I held on to the check until we completed the water test, then i signed it over to him and he handed me the title.

That sounds like a safe way to do it

 

[Jeff L24]

I have done similar to the above as well. I also had my dealer sell my boat for me as well under consignment. Yes it cost a little but I didn't have to worry about people, water tests, money or paperwork. It was simple and easy.

What time of year did you sell and did it sell fast? Do you remember the % the dealer took?

 

[biffdotorg]

When we bought our boat used, we had our two financial institutions in touch with each other since they were the title holders before and after the transaction.

We agreed on a price based on a successful sea trial and a 1700 mile one way trip. So once we had our sea trial, we shook hands and I called my Credit Union. They confirmed the funds will be transferred. By the time we got back to the marina, he called his financial institution, and confirmed funds had transferred and they would send the title to my CU. We signed a bill of sale to make it official as far as liability. I called my insurance agent to be sure I was covered for the trip home, and my truck insurance had me covered. My boat insurance covered the replacement boat in case we dipped it in a body of water on the long ride home to Minnesota (of course it rained the whole way, while I stared at it in the mirror)

That was the safest and easiest private big ticket purchase I had made. Both parties were happy and his loan was satisfied and the difference went into his account. My CU was satisfied, that they were promised the title from a reputable financial institution and not some random guy that promised it on a handshake.

Anyone that wants to avoid that sort of transaction may want to reconsider what is safe in this day and age. And carrying that amount of cash across country was not my idea of stress free or safe.

 

[anmut]

When we bought our boat used, we had our two financial institutions in touch with each other since they were the title holders before and after the transaction.

We agreed on a price based on a successful sea trial and a 1700 mile one way trip. So once we had our sea trial, we shook hands and I called my Credit Union. They confirmed the funds will be transferred. By the time we got back to the marina, he called his financial institution, and confirmed funds had transferred and they would send the title to my CU. We signed a bill of sale to make it official as far as liability. I called my insurance agent to be sure I was covered for the trip home, and my truck insurance had me covered. My boat insurance covered the replacement boat in case we dipped it in a body of water on the long ride home to Minnesota (of course it rained the whole way, while I stared at it in the mirror)

That was the safest and easiest private big ticket purchase I had made. Both parties were happy and his loan was satisfied and the difference went into his account. My CU was satisfied, that they were promised the title from a reputable financial institution and not some random guy that promised it on a handshake.

Anyone that wants to avoid that sort of transaction may want to reconsider what is safe in this day and age. And carrying that amount of cash across country was not my idea of stress free or safe.

That's a really smart way to handle it.

 

[biffdotorg]

That's a really smart way to handle it.

I had never done it, and was surprised they would do it. But my CU was very happy to do it this way, and so was his.

With all the scams out there, it made them more comfortable knowing they were dealing with another FI, and we eliminated so many variables. And I could cancel at any time if the sea trial went poorly. The FI's acted as an escrow service, almost like purchasing a house. They gave buyer and seller the comfort of knowing the funds were available at any time where they were needed.

 

[GregS]

The other scam you will see is guys trying to sell you a boat report. Typically they start with "is this still available" and no reference to what you are actually selling and no questions that would indicate they even know which end is the front. I just sold the exact same boat and got 3 of these for every legit inquiry.