Selling with a lean through Yamaha Financial

[Sotally Tober]

Alright friends... Sotally Tober 5 is sell ready and I will be blasting the interwebs with the ad in the upcoming days. The only thing I don't have a handle on is how I should approach selling the boat with a lien through Yamaha Financial?

Seeing as I don't have title in hand and Yamaha Financial can be difficult to work with, how do you recommend I handle this sale?

Any light the collective can shed would be much appreciated!

 

[rockinthesuburbs]

It can be rough- I sold my 17 195 with a lien back in 2020. It did turn a few buyers off, but others are understanding as it’s similar in nature to a car or other recreational vehicle. I was upfront in my posting and conversations, only disclosing the amount when it came time for payment. I contacted Yamaha for a payoff quote with my buyer on the line as well and they paid the remainder of the lien and then a separate check to me for the balance leftover. The only sticky part was Yamaha sent me the title and the buyer had to trust that I would forward it to them (which I did of course) but that was a bit shakey getting the details from Yamaha why my buyer couldn’t get the title upon payment. All in all the transaction was complete in about 2 weeks. Not a bad process by any means.

 

[adrianp89]

I had my states bill of sale and a drawn up purchase agreement signed. I hooked up the boat and we went to the bank. I had a check drawn from my account to pay him but was cut to Yamaha for the loan, and he sent in a check to pay off the difference. The teller took care of it all for us. We then both walked to USPS to mail out the checks.
About a month later I got the Certificate of Origin from him (boat was not titled in his state based on previous laws).

 

[Sotally Tober]

It can be rough- I sold my 17 195 with a lien back in 2020. It did turn a few buyers off, but others are understanding as it’s similar in nature to a car or other recreational vehicle. I was upfront in my posting and conversations, only disclosing the amount when it came time for payment. I contacted Yamaha for a payoff quote with my buyer on the line as well and they paid the remainder of the lien and then a separate check to me for the balance leftover. The only sticky part was Yamaha sent me the title and the buyer had to trust that I would forward it to them (which I did of course) but that was a bit shakey getting the details from Yamaha why my buyer couldn’t get the title upon payment. All in all the transaction was complete in about 2 weeks. Not a bad process by any means.

Great info! Did you turnover the boat to the buyer immediately after the final payment was made to YF or did you wait until you had title in hand?

 

[Sotally Tober]

I had my states bill of sale and a drawn up purchase agreement signed. I hooked up the boat and we went to the bank. I had a check drawn from my account to pay him but was cut to Yamaha for the loan, and he sent in a check to pay off the difference. The teller took care of it all for us. We then both walked to USPS to mail out the checks.
About a month later I got the Certificate of Origin from him (boat was not titled in his state based on previous laws).

Great info. Thanks!

 

[jocolo21]

I sold my 2019 to a member here, i owed about 47k on it he made payments to me until he found a bank to finance the reimeining balance the his bank paid yamaha loans, and sent me a check for the extra. The boat stayed in fl for 6 month until michihan winter was over, he never saw the boat prior to paying for it. I sent him pics and videos and took the boat to the dealer for YES transfer inspenction and some warranty cosmetic work. he didnt have to pay storage as the parts were out of stock the boat was kept at the dealer and he arranged transport to michigan.

 

[Ronnie]

@Sotally Tober i did the same thing as a buyer in 2012 that @rockinthesuburbs did. My lender contacted the seller and seller’s lender, sent me two checks on to yamaha for the loans balance and the other to the seller. I was told that if I backed out I just needed to return the checks to my lender and they would formally cancel the transaction. All in all very smooth, I didn’t have to worry about the title, new title was sent to me directly. Another selling point for you may be that the extended warranty is transferable. I had to pay $40 to transfer it but it’s well worth the money if something goes wrong.

 

[Sotally Tober]

I sold my 2019 to a member here, i owed about 47k on it he made payments to me until he found a bank to finance the reimeining balance the his bank paid yamaha loans, and sent me a check for the extra. The boat stayed in fl for 6 month until michihan winter was over, he never saw the boat prior to paying for it. I sent him pics and videos and took the boat to the dealer for YES transfer inspenction and some warranty cosmetic work. he didnt have to pay storage as the parts were out of stock the boat was kept at the dealer and he arranged transport to michigan.

Seems like there had to be some trust and good faith on both parties to make it work. Refreshing to know people are still good to their word =)

 

[Sotally Tober]

@Sotally Tober i did the same thing as a buyer in 2012 that @rockinthesuburbs did. My lender contacted the seller and seller’s lender, sent me two checks on to yamaha for the loans balance and the other to the seller. I was told that if I backed out I just needed to return the checks to my lender and they would formally cancel the transaction. All in all very smooth, I didn’t have to worry about the title, new title was sent to me directly. Another selling point for you may be that the extended warranty is transferable. I had to pay $40 to transfer it but it’s well worth the money if something goes wrong.

Glad it went smoothly. Good point on the warranty! Mine is good until April 2027.

 

[steveinmd]

We purchased our 195 through a seller who had a lein on it through a bank with no physical location. That added to complexity slightly. He was worried about the process so we did the transaction at a local bank. They required a 14 day payoff with all the pertinent information, on a bank produced form. (Not just written down)

After everything was approved, the bank cut a check, payable to the buyer's financial institution. We rode together to a nearby ups store, where I overnighted the check and necessary documents to his bank. We made extra copies of all pertinent docs. Came back to the bank and i hooked up and left with the boat.

The lein release took a little longer than I would have liked. Turns out it sat on someone's desk at my bank before being forwarded to me. So, other than taking some time, went pretty good.

 

[Ronnie]

Glad it went smoothly. Good point on the warranty! Mine is good until April 2027.

One down side to having a financed deal is that the lenders will disclose the full value of the sale to the dmv so you can’t “manipulate” it for sales tax basis purposes.

 

[rockinthesuburbs]

Great info! Did you turnover the boat to the buyer immediately after the final payment was made to YF or did you wait until you had title in hand?

Once we received payment and confirmed payment was sent to YF (they used FedEx Overnight and we had tracking confirmation) they came and picked up the boat the next day. Getting the title was the part that took two weeks - right at the start of covid craziness so might be a bit faster now. Definitely a bit of trust on both parties concerned but overall it was a smooth process. I think using a local bank to collect the monies and distribute is probably the most reasonable way to go IMO. If I was to do it again that's the method I would use for sure.