Pontoon Boat & Deck Boat Forum

Ok...I've probably led a sheltered life, but I've never purchased a vehicle/boat where a payoff was incolved. All others have been clear title, with it being signed over for guaranteed funds.

I'm guessing this is done quite often, but would love for someone to outline the process. Does it go anything like this???

-I give certified funds to seller
-Seller gives me Bill of Sale (not sure about this part)
-I take possession of boat
-Seller makes payoff to bank
-Bank sends me the title (how do they know about me?)
-I take title and register at tax office (what documents do I need? do I pay taxes on the purchase? are there ways to not?)

Thanks for any information...
David

Get Insurance on boat.

Go with him to bank give certified funds to bank,
wait for lien release to be written up.
Leave bank go to courthouse and transfer asap.


Go Pick up boat and have FUN! ! !

My last boat involved a payoff. The boat was in Ky about 100 miles away from where I live. We had already made an offer and it had been accepted. I barrowed a trailer from a friends cousin and my wife's boss was going with me in his truck (lots of experience trailering boats). Once we got there I was getting ready to write out the check when I asked about the title. The guy said the title was at the bank. It was a Saturday and the bank was closed. Yuck. I was about ready to bail on the deal. We finally decided that I would give hime a post dated check and take the boat back with me. He would get the title from the bank and then bring it up to me the next week. There was some kind of hold up on his end so I canceled my check. The problem got cleared up and he brought the title up and I wrote another check.

I don't know that this is a good model to go by but it worked out in the end.

I have done this a few times with cars... Just meet at the bank that holds the lein, pay off the lein directly to the bank (and the difference to the seller), and they will take care of putting your name on the title (if its paperless) or bring it out and sign it over to you if they have it... They may even have a bill of sale form for both of you as well?? Not as big of a deal as I thought it would be... Credit unions seem to be easier and freindlier to deal with for these kind of things...

Good luck!

That's pretty much how this is turning out. As you can tell, I haven't done this enough to know what's going on, and my wife and I were under the impression that deals with individuals don't usually pay a sales tax. This probably varies from state to state. As the seller stated, he's already paid the tax. I like to be on the up and up, but I sure hate giving more $$$ on top of the deal.

I think any state that has sales tax will require you to pay tax again (just like a car) unless you dont plan on getting the title in your state...

Its a complete rip off that they can charge tax over and over again on the same thing...

mike wrote:I think any state that has sales tax will require you to pay tax again (just like a car) unless you dont plan on getting the title in your state...

Its a complete rip off that they can charge tax over and over again on the same thing...

I totally agree....taxation without representation, in my opinion

But we found a way to beat them....legally....we just didn't buy the boat

What kind of boat did you not buy?

we found a 2003 Larson 210 LXi with only 30 hours on it. Came "THAT" close to having to turn in my membership card.

You mean you were gonna get rid of the toon???

mike wrote:You mean you were gonna get rid of the toon???

needed th $$$ towards the other boat. In fact, that's part of why the deal fell through. We haven't sold the toon, which limited available funds

When you buy a used boat from an individual, draw up 2 bills of sale. On the first one, include the boat and the trailer. Those are the items that need to be registered with the state and therefore the taxes paid. On the second one, include the outboard and any other items in the sale that do not get registered. The tax was already paid once, why pay it again. You can do some constructive valuation for the "well used boat and trailer" and the "nice, high priced almost new" motor. I don't mind paying taxes but I don't like throwing money away. This is a great forum. First time here. Just found it tonight. Saw it on the MSN forum. I used to frequent PDB forum. Looks like I will hang out here now.

Great advice bob, welcome!!

I wonder if you could do the same thing with a car purchase?

One bill of sale for the vehichle, another for the premium tires & stereo??