I want to buy my 1st used boat but it has a loan on it from the guys local credit union. The boat and the credit union are about 5 hours away from me - so i want to only make the trek 1 time... and want to get it right - please advise if this all sounds right or if I am missing anything. The plan is to have it checked out by a mechanic this weekend then I am going up there next weekend to test drive and buy. The credit union has the title in hand but they only way they will release it on the spot is if I bring cash and I do not feel comfortable carrying almost 30K cash. So I was going to take a cashiers check, made out to the bank, and they will mail me the title in 7-10 days after the check clears and then pay him the balance. They should also write me something stating my payment will be used to pay off the loan and give me the title. I will also have the seller fill out all the TPWD forms, but not sure if I also need a bill of sale from him (or the bank)? And this should be enough to cover me until I get the titles and can register them under my name - correct? Sound good? Thanks, Jon

you need a release of lien from the credit union, have them provide a bill of sale showing paid in full also, get him or the credit union to sign the tpwd forms (not sure who has to with a lien).
ask the credit union about a wire transfer, your bank to them should only take about an hr at most, make sure this can happen on a sat. though. or if possible go on fri. so you can be sure. this lets them hand you title and all needed paperwork on the spot.

there is also a bank draft, same as cash, take one for the credit union in the exact amount of loan pay off and take the seller cash if you are comfortable with the amount.

one thing I do when going to buy with a large amount of cash is stash it in the truck someplace most would not look, this way it is not in my pocket and if something does happen you will still have it.

I would not want the IRS issues of making a payment of over $9000 in cash and I wouldn't think the lending institution would either.

Thanks! I will look into the bank draft. I am making the full payment to the credit union and they will pay him the difference - which is over $9K. I can't do a wire transfer bc they do not do transfers on Saturdays and I do not want to transfer the $ before I can test drive the boat.

irs only comes into play for deposits, been there done that, 8,500 at a time to avoid that hasle

Used to be under 10K was`nt a problem. Now I have no idea because I do`nt deal in cash anymore. Someone said they have new Franklin`s and wow I did`nt even know.

IRS limit is now $13k or maybe more if they adjusted in the last year. It would not come in to play on this type of transaction. This would not be an income tax matter.