2006 215cc for 25k?????

R

remy2007

Guest
Hello all, I'm a newbie to the board and have decided the 215cc is the perfect boat for our family. Recently I found a guy selling a 2006 215cc with t-top for 25k. The problem is he owns 25k to the bank and I'm not eacty sure how to handle this transaction. Do I go to the bank and transfer his loan to me or should I just get a loan on my own and pay his bank off? I'm leaning toward just taking over his payments, just seems easier and I'm assuming since he paid the taxes I won't have to. Is this the case?......has anyone purchased a boat this way? Appreciate any advice you good people may have.....anything I should look out for to make sure this transaction goes through smoothly for both of us?
 
Well I am not the banking guru (I leave those to Vic to handle ;)) but I would think that which ever gives you the lowest payment would be your best option. The present owners loan though, may not be transferable so a new loan to pay off the bank would then be needed... And I would think that in light of the current lending crunch, that interest rates should be pretty good right now. Here again what is the boat worth, credit scores, down payment all come into play :)

I would also think that our buddy Dick over at Merritt Marine could give some insight on marine related loans and how they work :D
 
Remy2007, I do not know what the laws are in California, but in Florida, the title would be in the owners name with the bank listed as the lien holder. The title could not be transferred until the bank releases the title, which could be a payoff or a new loan at the same bank.

I would not want to part with any of my money unless the title could be in my name. And, when you transfer the title in Florida you would get to pay taxes on that transfer, sorry, the tax man always wins.

Also, don't forget to transfer the lifetime warranty.

Hope this doesn't sour the deal, but better to do it right and have the boat yours than be making payments on a boat that the current owner could claim in later years was theirs. Hard to prove its yours if the title is in their name.
 
might be helpful

Most loans made are non-transferable.....You would have to have him get a payoff good through whatever date you would decide to take ownership and have the bank that you work with overnight the payoff to whatever overnight address the bank gives you (there is usually a specific overnight address)...not the one he would normally send the payment to. It is usually an pretty easy process depending on what bank you are working with. I have worked for a bank for a few yrs and have experience with these soft of things. Good luck
 
All good advice, get your own loan and arrange your purchase to be his payoff.

As for his asking price, make sure you get a good estimate on the boat's value before you agree - If he didn't put much money down, he could be upside down on his loan, in which case it would be worth less than he owes and after selling it he'd still have to pay the difference for the privelege of getting out from under his long term financial commitment.

Look at the details, and be sure to look at other like boats for sale elsewhere to get more than one baseline. For instance, what engine is hanging off the back? That's a big factor in value.

Good luck!
 
when i bought my used boat I found a credit union here in Illinois EarthMover Credit Union - Home which is like a bank that had much better rates than the standard banks. standard banks were like 8+% and the credit union was 5%.

I got the loan threw them and they handed me a check made out to the seller or in your case the sellers bank. then the sellers bank would send you the title and you will have to pay taxes on the boat. DO NOT get a check made out directly to the seller.

By the way I had to break out the amount I paid for the boat vs the trailer and pay different taxes on each.

good luck and welcome to the club
HTR
 
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