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Old     (migs)      Join Date: Aug 2006 Location: SF Bay Area       07-28-2008, 2:17 PM Reply   
Guys I have some questions I need some help with when selling your boat to someone else(out of state). Thanks in advance for the help:

1. Person buying my boat got a loan from his credit union for the selling price. He says that the credit union has to issue the check in my name. Person is from out of state, so is driving down(do a test drive) to pick it up and give me the check.
Obviously the check wont clear for a few days. Do you let the person leave with the boat? What have you guys done in this situation?

I was going to have my bank contact his bank and see what they can decide on, but my banker said, that even if the check and bank are good, that the person can still put a stop payment on the check after he leaves with my boat.

2. What do you guys do with your insurance? Do you cancel it the day the person leaves with your boat? Or do give him a few days to tow it back to his home?

3. Anything else Ive missed?
Old     (bwillx2)      Join Date: May 2007       07-28-2008, 2:24 PM Reply   
Tell him to bring a cashiers check from his bank! It's about like a money order, just from the bank!!
Old     (wakereviews)      Join Date: Sep 2006       07-28-2008, 2:27 PM Reply   
1. I have the people wire it generally... but i have taken a bank drafted check a few times and just called the bank and confirmed it.

2. cancel it effective the day they take possession. They should have insurance.

I'd just find out the name of the credit union and address, look them up online and get a number to double check the validity of the check itself.
Old     (cfd313)      Join Date: Sep 2006       07-28-2008, 2:33 PM Reply   
About the only thing you can do different is have him mail you the check early and wait until it clears before the boat is picked up but then you put him in the predicament that you are in. This is the hard thing about doing this stuff. And there is real no way to meet in the middle. You can call the bank the check is issued from and ask if they issued it to make sure it isn't fake but then like you said he could still put a stop payment on it. The most important thing is to get all his information in case something does happen you have something to track him down. Other than that it is mostly just a trust thing....You'll find that most people can be trusted...I hope that this makes you feel better.
Old     (bill_airjunky)      Join Date: Apr 2002       07-28-2008, 2:37 PM Reply   
I've bought 2 boats & 2 ATVs from out of state. We always have our bank/credit union cut a cashiers check & issue it in the sellers name. Then we take it to their bank, do the deal & they deposit it in their own account. Never had a problem.

But at the same time I've read where people say that cashiers checks can be forged easily now. So be careful. Having both parties at the bank at the time, during normal business hours, seems to satisfy most people.
Old     (wake1823)      Join Date: Dec 2005       07-28-2008, 2:39 PM Reply   
Miguel,

A little added security would be to get the info off his driver's liscense, also a business card. You cna call and verify where he works. Just call the front desk or call his voicemail on the spot.
Old     (ottog1979)      Join Date: Apr 2007       07-28-2008, 3:37 PM Reply   
Combination of OnlyInboards & Bill K have it right on. Cashier's check from their bank can't be stopped. To be certain it's not forged or if it's written by a small bank you don't recognize, do the exchange after the test drive at your bank. Present the check for deposit and have your bank verify the check. No big deal.

I'm a banker.
Old     (tanner)      Join Date: Oct 2005       07-28-2008, 3:56 PM Reply   
Do what Andy said, but then I would also tell him you will mail the Title once everything clears (that's assuming you don't have a lien on it)
Old     (migs)      Join Date: Aug 2006 Location: SF Bay Area       07-29-2008, 10:50 AM Reply   
Thanks fellas. This guys credit union, needs a Marine Surveyor to survey the boat(scheduled for this afternoon) and get this: Needs me to sign over the Pink Slips IN PERSON AT THE BANK IN SEATTLE(unbelievable!). So the guy is flying me out there to do this. I guess, its better for me since Ill be getting the funds from the bank directly.

Anyone had a marine surveyor survey their boat?
Old     (lavinder)      Join Date: Mar 2008 Location: Gig Harbor, WA       07-29-2008, 10:42 PM Reply   
I had a marine surveyor look over the first boat I bought. My insurance requires it for any used boat. The Supra I got this year didn't as it was new. Kind of like getting a home inspection. Everything is checked out and you get a list of all details big and small.
Old     (bill_airjunky)      Join Date: Apr 2002       07-29-2008, 10:51 PM Reply   
Wow, that is pretty amazing, Miquel. Never heard of it going down that way.

It seems to me the guy could go down to any branch office of your bank (assuming you have an account at a national bank, ie; US Bank, B of A, etc.), and make a deposit into your account. I would think you'd be able to withdraw it within minutes if you wanted.
Old     (migs)      Join Date: Aug 2006 Location: SF Bay Area       07-30-2008, 6:58 AM Reply   
had the surveyor come out yesterday - says my boat looks brand new and the guy is getting a steal for it. Sending his bank the report today. Im flying out to Seattle tomorrow to sign the pinks over at his bank and get my cashiers check directly from his bank.

Guy is driving down on friday and towing the boat back to Seattle on Saturday.
Talked to a few people I know at some banks and dealerships and they said that they have seen alot of this lately with so many people dropping out of their loans and the current state of the economy.
Old     (stanfield)      Join Date: Mar 2004       07-30-2008, 7:10 AM Reply   
Thats crazy you have to fly there to sign it over. When I sold my last boat, the buyer drove up 20+ hours one way from down in Mexico. There were language barrier issues, banking issues, and even through all the hassle, it worked out fine.

He had hired a broker down in Mexico to setup a US account that his money went in. He then drove up to test drive the boat and such. He decided he wanted it and then called the broker to have the money wired to my bank which held the note. A domestic transfer like that should be able to be verfied in a matter of hours, but my bank stated it would be 3 business days, no exceptions, before they could verify it and process the title. They were willing to stay the 3 days here while it went through, but since it was my bank being the biatch, I let them take off down to Mexico with the boat after providing me proof of the wire from the broker and copies of their licenses and passports. Like others have said, most people can be trusted and I trusted these guys even from another country and it went off fine.

As a side note, not only did my bank refuse to help with verifying the wire transfer early, they also botched the title transfer and the buyer never got it. I then had to apply for a new title here in Texas and sign that over and send it to him. Bank of the West screwed up a transaction so badly that should've taken a matter of hours, that it ended up taking almost 6 months. I will never do business with them again and I cannnot recommend against them enough.
Old     (wayz)      Join Date: Jun 2005       07-30-2008, 8:47 AM Reply   
Wassup Migs!.. you rocking Supreme and now you're selling one of them. What is your 2nd boat going to be now?
Old     (migs)      Join Date: Aug 2006 Location: SF Bay Area       07-30-2008, 9:07 AM Reply   
yeah - still got the 07 V220 back in the Philippines, but time to get my dream boat - so the 06 has to go.

Im gonna be REALLY SAD to see her go - been my personal favorite boat Ive ever owned and she was sooooo good to me. Everytime I think of the new owner driving her away - i truly get sad about it. But thats what i gotta do to get the new one. SO keepin my fingers crossed that this all happens.

Not saying what the new one will be yet - I dont wanna jinx anything (im so pesimistic - seriously). Ill post pics once its a done deal.
Old     (srock)      Join Date: Mar 2002       07-30-2008, 9:36 AM Reply   
I dont believe money orders are valid over something like 2500. You have to use a cashiers check.
Old     (wayz)      Join Date: Jun 2005       07-30-2008, 1:54 PM Reply   
Migs, sweet deal. I've been wanting to upgrade my Supreme, but it's hard finding boats that will fit in my garage. There are 2 boats that I'm eyeing, but as time goes on, more and more manufactures are making boats fit in the standard 7ft garage. I'm interested to see what you get. VLX is my guess???

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