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Jan 23rd, 2013
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buying used from a private owner #11094294
09/10/15 03:48 PM
09/10/15 03:48 PM
Joined: Apr 2006
Posts: 231
Maypearl, Tx
B
Buschwacker Offline OP
Outdoorsman
Buschwacker  Offline OP
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B

Joined: Apr 2006
Posts: 231
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??


Why do today what you can put off till tomorrow,lets go fishin!!!
Re: buying used from a private owner [Re: Buschwacker] #11102975
09/14/15 05:25 PM
09/14/15 05:25 PM
Joined: Oct 2010
Posts: 352
reclending.com Offline
Angler
reclending.com  Offline
Angler

Joined: Oct 2010
Posts: 352
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

Re: buying used from a private owner [Re: Buschwacker] #11258561
12/02/15 09:51 PM
12/02/15 09:51 PM
Joined: Apr 2008
Posts: 4,600
Rockwall, Texas
Rockie Martin Online content
TFF Team Angler
Rockie Martin  Online Content
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Joined: Apr 2008
Posts: 4,600
Rockwall, Texas
Ken call me! Left you a message at your office.....



www.RockwallMarine.com -ProStaff-BassCat
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Re: buying used from a private owner [Re: Rockie Martin] #11260022
12/03/15 05:25 PM
12/03/15 05:25 PM
Joined: Oct 2010
Posts: 352
reclending.com Offline
Angler
reclending.com  Offline
Angler

Joined: Oct 2010
Posts: 352
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

Re: buying used from a private owner [Re: Buschwacker] #11530111
04/08/16 09:47 PM
04/08/16 09:47 PM
Joined: Aug 2011
Posts: 2,837
Austin, Tx
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Bob Landry Offline
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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.


2015 Seaark 1872 MV CC Etec-90
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2018 Robalo R180 CC, Yamaha 115

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Re: buying used from a private owner [Re: Buschwacker] #11728052
07/18/16 02:35 AM
07/18/16 02:35 AM
Joined: May 2015
Posts: 159
Grapevine,TX
LukeAnderson Offline
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LukeAnderson  Offline
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Joined: May 2015
Posts: 159
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.


Keep calm and Fish on
Endeavor to Persevere
Re: buying used from a private owner [Re: LukeAnderson] #11746830
07/28/16 06:21 PM
07/28/16 06:21 PM
Joined: Oct 2010
Posts: 352
reclending.com Offline
Angler
reclending.com  Offline
Angler

Joined: Oct 2010
Posts: 352
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

Re: buying used from a private owner [Re: reclending.com] #11979404
12/12/16 12:22 PM
12/12/16 12:22 PM
Joined: Dec 2015
Posts: 623
Fort Worth
T
toofy Online content
Pro Angler
toofy  Online Content
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Joined: Dec 2015
Posts: 623
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?

Re: buying used from a private owner [Re: toofy] #11983727
12/14/16 03:34 PM
12/14/16 03:34 PM
Joined: Jun 2011
Posts: 1,539
Texas Waters
W
Woods & Water Offline
Extreme Angler
Woods & Water  Offline
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Joined: Jun 2011
Posts: 1,539
Texas Waters
When you look at his title, it will have a "lien released" signature line with a signature and date.

Re: buying used from a private owner [Re: toofy] #11985456
12/15/16 02:53 PM
12/15/16 02:53 PM
Joined: Oct 2010
Posts: 352
reclending.com Offline
Angler
reclending.com  Offline
Angler

Joined: Oct 2010
Posts: 352
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

Re: buying used from a private owner [Re: reclending.com] #12209409
04/21/17 02:15 AM
04/21/17 02:15 AM
Joined: Jan 2007
Posts: 19,024
Sanger,Texas
Bobcat1 Online content
TFF Guru
Bobcat1  Online Content
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Posts: 19,024
Sanger,Texas
I bought from an individual, financed through Reclending and it could not have been smoother. Give them a shot. cheers







Re: buying used from a private owner [Re: Buschwacker] #12366763
08/01/17 12:27 AM
08/01/17 12:27 AM
Joined: May 2012
Posts: 5
H
Horns Up Offline
Green Horn
Horns Up  Offline
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Joined: May 2012
Posts: 5
Help me out here as I'm a first time boat purchaser.

From reading other posts on this forum, I'm understanding that a separate Title is issued for each of the Hull, Motor and Trailer. Is this correct?

Any other tips I should be aware of as I will purchase from a private owner that has an existing Lien on the boat?

Aside from getting the Lien cleared, what other due diligence and steps should I look for before deciding to purchase a used boat or not?

Thanks for the help.

Re: buying used from a private owner [Re: Horns Up] #12388350
08/16/17 05:24 PM
08/16/17 05:24 PM
Joined: Oct 2010
Posts: 352
reclending.com Offline
Angler
reclending.com  Offline
Angler

Joined: Oct 2010
Posts: 352
Originally Posted By: Horns Up
Help me out here as I'm a first time boat purchaser.

From reading other posts on this forum, I'm understanding that a separate Title is issued for each of the Hull, Motor and Trailer. Is this correct?

Any other tips I should be aware of as I will purchase from a private owner that has an existing Lien on the boat?

Aside from getting the Lien cleared, what other due diligence and steps should I look for before deciding to purchase a used boat or not?

Thanks for the help.


Sorry but just seeing this. What titles are issued is based on the state you live in. If you are in TX, boat and motor and titled. The trailer is only titled if GVWR is over 4500#. We have seen this go either way in some states but most bass stuff is under that.
NEVER GIVE $$ TO A PERSON WITH A LIEN. MAKE THE PAYOFF AT THE BANK AND GET THE RELEASE. We always get the payoff from the lender on a letterhead with wire instructions. If your seller is in TX, we can even check online using the boat and engine VIN to check for liens.
Once your money is gone, it's gone. Always be sure of the details.
Let us know if we can help.
Thank you,
Ken

Re: buying used from a private owner [Re: Buschwacker] #12738364
05/01/18 07:07 PM
05/01/18 07:07 PM
Joined: Jul 2014
Posts: 135
Tom Green County, Texas
WallVFD113 Offline
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WallVFD113  Offline
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Joined: Jul 2014
Posts: 135
Tom Green County, Texas
I’m kind of like a guy up the post a little way, I’m looking at buying from a private seller who isn’t too fond of working with a “financial institution” but I am. How does this play out?

I would think as long as they get the amount of money that we agree on, it shouldn’t matter who it comes from...I like the guy’s boat but I don’t know if it’s more headache then it’s worth.


May GOD Bless you in everything you do!

Tight lines!
Re: buying used from a private owner [Re: Buschwacker] #12738645
05/01/18 10:18 PM
05/01/18 10:18 PM
Joined: Apr 2018
Posts: 53
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RangerRong Offline
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Posts: 53
good info Ken, i know who to call when ready to buy a boat

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