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#11094294 - 09/10/15 10:48 AM buying used from a private owner
Buschwacker Offline
Outdoorsman

Registered: 04/24/06
Posts: 231
Loc: Maypearl, Tx
Im looking into buying a used cc boat from a private seller, if im wanting to finance something say around 15k how does that work?? Most individuals are cash only and first come first serve I would think. Doesnt the lender usually appraise the boat before purchase??
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#11102975 - 09/14/15 12:25 PM Re: buying used from a private owner [Re: Buschwacker]
reclending.com Offline
Angler

Registered: 10/29/10
Posts: 313
Originally Posted By: Buschwacker
Im looking into buying a used cc boat from a private seller, if im wanting to finance something say around 15k how does that work?? Most individuals are cash only and first come first serve I would think. Doesnt the lender usually appraise the boat before purchase??


It works very nice. The actual time people buy things with dollar bills is rare. Over $10,000 there are IRS forms and all that. Checks and even certified checks are often held for several business days before the seller gets access to it. When we do financing, we wire funds all the time. If there is a lien the money goes to the lien holder (lender) first to pay off the existing lien. Anything over the payoff amount can go to the seller. We can even wire on the spot once the boat is inspected and the final OK is given.
NEVER hand a check or dollars to a seller before you know the lien situation. Sometimes when sellers are all fixed on getting cash, there is a reason. Look at the ownership papers, either titles or MSO's. Even in non-title states there are ways to cover yourself. With used boats loan amounts are based on NADA values if that is what you mean by "appraise".
Let us know how we can help.
Thank you,
Ken
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#11258561 - 12/02/15 03:51 PM Re: buying used from a private owner [Re: Buschwacker]
Rockie Martin Offline


Registered: 04/21/08
Posts: 4393
Loc: Rockwall, Texas
Ken call me! Left you a message at your office.....
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#11260022 - 12/03/15 11:25 AM Re: buying used from a private owner [Re: Rockie Martin]
reclending.com Offline
Angler

Registered: 10/29/10
Posts: 313
Originally Posted By: Rockie Martin
Ken call me! Left you a message at your office.....


Sorry but I don't see a note on my desk. Our office phone is (517)543-6921 or my cell is (517) 930-2721. I take a text on the cell number as well.
Ken
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#11530111 - 04/08/16 04:47 PM Re: buying used from a private owner [Re: Buschwacker]
Bob Landry Offline
Extreme Angler

Registered: 08/10/11
Posts: 2133
Loc: Austin, Tx
My first boat was a cash deal from a private individual. I asked him to accompany me through the transfer process and I'm glad I did. The dealer that sold him the boat did not title the trailer to him and when we went to do the transfer, there was an amount on the trailer that I would have had to pat had he not been with me to take care of it. I think most sellers are honest, but why take a chance.
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#11728052 - 07/17/16 09:35 PM Re: buying used from a private owner [Re: Buschwacker]
LukeAnderson Offline
Outdoorsman

Registered: 05/10/15
Posts: 159
Loc: Grapevine,TX
I'm trying to buy a boat Tuesday. How fast could Rec lending run credit and wire funds. The boat is 36,500 and its in Alabama.
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#11746830 - 07/28/16 01:21 PM Re: buying used from a private owner [Re: LukeAnderson]
reclending.com Offline
Angler

Registered: 10/29/10
Posts: 313
Some of the time frame will depend on if it's from a private seller or a dealer. Some dealers we work with or have worked with can deliver things very quickly. If it's a private seller, most want to be paid before the boat goes down the street. Generally it is about a 4 - 5 business day process OF THINGS MOVING. For example, if it takes 3 days to get VIN pictures from the seller, now it's 7 - 8 days. Some things for time frame are beyond our control. If there is a payoff involved, we have waited 3 days before trying to get a lien payoff from the sellers lender.

Most deals run smooth and quick, but some do take some time based on other factors.
Let us know how we can help.
Ken
_________________________

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#11979404 - 12/12/16 06:22 AM Re: buying used from a private owner [Re: reclending.com]
toofy Offline
Angler

Registered: 12/26/15
Posts: 295
Loc: Fort Worth
Originally Posted By: reclending.com
Originally Posted By: Buschwacker
Im looking into buying a used cc boat from a private seller, if im wanting to finance something say around 15k how does that work?? Most individuals are cash only and first come first serve I would think. Doesnt the lender usually appraise the boat before purchase??


It works very nice. The actual time people buy things with dollar bills is rare. Over $10,000 there are IRS forms and all that. Checks and even certified checks are often held for several business days before the seller gets access to it. When we do financing, we wire funds all the time. If there is a lien the money goes to the lien holder (lender) first to pay off the existing lien. Anything over the payoff amount can go to the seller. We can even wire on the spot once the boat is inspected and the final OK is given.
NEVER hand a check or dollars to a seller before you know the lien situation. Sometimes when sellers are all fixed on getting cash, there is a reason. Look at the ownership papers, either titles or MSO's. Even in non-title states there are ways to cover yourself. With used boats loan amounts are based on NADA values if that is what you mean by "appraise".
Let us know how we can help.
Thank you,
Ken


How do you know if there is a lien on the boat? Is there a way to look this up? Or is it just the name on the title?

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#11983727 - 12/14/16 09:34 AM Re: buying used from a private owner [Re: toofy]
Ol Man River Offline
Extreme Angler

Registered: 06/16/11
Posts: 1257
Loc: Orange, Texas
When you look at his title, it will have a "lien released" signature line with a signature and date.

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#11985456 - 12/15/16 08:53 AM Re: buying used from a private owner [Re: toofy]
reclending.com Offline
Angler

Registered: 10/29/10
Posts: 313
Originally Posted By: toofy
Originally Posted By: reclending.com
Originally Posted By: Buschwacker
Im looking into buying a used cc boat from a private seller, if im wanting to finance something say around 15k how does that work?? Most individuals are cash only and first come first serve I would think. Doesnt the lender usually appraise the boat before purchase??


It works very nice. The actual time people buy things with dollar bills is rare. Over $10,000 there are IRS forms and all that. Checks and even certified checks are often held for several business days before the seller gets access to it. When we do financing, we wire funds all the time. If there is a lien the money goes to the lien holder (lender) first to pay off the existing lien. Anything over the payoff amount can go to the seller. We can even wire on the spot once the boat is inspected and the final OK is given.
NEVER hand a check or dollars to a seller before you know the lien situation. Sometimes when sellers are all fixed on getting cash, there is a reason. Look at the ownership papers, either titles or MSO's. Even in non-title states there are ways to cover yourself. With used boats loan amounts are based on NADA values if that is what you mean by "appraise".
Let us know how we can help.
Thank you,
Ken


How do you know if there is a lien on the boat? Is there a way to look this up? Or is it just the name on the title?



One of the steps in the loan process is us contacting the seller. We ask for title or MSO copies. Even in non-title states the old owner should have some sort of ownership document. If there is a lien, we have the seller get a payoff from the lender. Something on a letterhead showing payoff, some sort of ID that a boat is getting paid off and wire instructions. If there is a lien we NEVER send full funds to the seller. We wire the payoff and the balance between payoff and selling price can go to the seller. Some states allow title searches but not many. Texas in fact is one that has a process for that.
We have also found that SOMETIMES when sellers jump up and down about "I only take cash" there is something else going on. A wire gives the seller instant access to the funds and provides a nice trail. Even if no lien, we still wire funds.
Let us know how we can help.
Thank you,
Ken
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