help with boat sale in different state

So I have come to an agreement for a guy to buy my boat. The only problem is that he is in Ohio and I am in Washington State. Originally he asked if I would take cashier's check and I said "no" because he will be flying out on a weekend and my bank cannot verify funds. So then he suggested opening an escrow to hold the funds, but I just spoke with him this morning and he needs to finance the boat. So his bank won't finance it unless the boat is registered in Ohio.

He seems legit. He is willing to wire a 1k deposit for me to hold the boat so he can fly here and test drive. But his bank is telling him they need title to finance. So basically I would have to let him take the boat and title and then the bank would finance?

Anyone sold or bought a boat across state lines and financed? Whats the easiest way to go about this?

hmmm, I can't speak for all banks but I just bought a boat in California and brought it to Wa state. My bank did not have to have the title in hand to issue the loan, however they did need it with in 30 days.

I would suggest getting the phone number to his bank and checking it out yourself. if they have record of this guy putting in a loan application, and they verify that they need the title in order to release funds then I'd go from there.

It seems kinda fishy to me though. If banks needed the title to release funds then no one would ever be able to buy a boat. (unless you send him the title, he gets the money, then tows the boat home)

What polkaking said.

Jeremy, there is no reason you can't verify the funds. If he is coming out on a saturday make sure the his bank is open on saturday and call them and verify the funds and check then. Make sure and keep insurance coverage on the boat until everything is fully transferred just in case anything happens.

I bought my boat from Oregon. We had to setup financing & the credit union had guidelines they needed to follow to make it all go down. But the bottom line was I setup the credit union people with a phone call with the seller & their own bank. Once that was done, everything went very smoothly.

I would ask for the # of his loan officer and call them. Ask them how they expect you to release the boat without cash in hand?
I sold a boat to a guy a few years ago(he was actually on this board)he drove down from Idaho. We met in a BoA branch, so he could sign the loan and give me a check. One little problem. His wife was also on the loan and she did not drive down with him. I made him write me a personal check for the boat, take the boat home, and the next day his wife signed. I went to the branch here and picked up the check. I could have gotten hung out to dry, but sometimes you just have to have faith in people.

The title can always be mailed once the transaction is completed. Thats how we did it at the dealership when I sold boats.

Jeremy,

In most cases with a financed vehicle a bank needs a copy of the "application for title" with the lender listed as lienholder, not the original title. The bank doesn't see the title until it's been through the RMV/DEP (whatever it may be in your state)and it has been assigned to the new buyer, with the lien in place.

Good luck with the sale.

I know many banks now are asking to see the vehicle personally to make sure their not issuing a loan on something that is worthless and if foreclosed on, they can't resale. This is also why they are asking for a title. Usually the newer and nicer something is, the better chance it has a title, therefore easier it is to resale if needed. They're just looking out for their interest which is understandable in this economy. However due to the situation of being in separate states they should make an exception.

...Hope everything works out!

Dealerships and private parties are different.

It was a total pain the butt when we purchased our boat out of state. We had to use the dealer the guy worked for in order to get it to work. The banks wouldn't do the loan if we did an out of state private party until the boat was checked by the state police. They needed to make sure it wasn't stolen. It's much easier to go after a dealership than a private party.

You need to be very careful if you do it. If he doesn't pay get ready for a big pain in the butt to get your boat back.

I purchased my boat private party from a guy out of state. Unfortunately, there is an element of trust that is involved. We found out where each other worked and exchanged drivers licenses etc.

I believe we agreed on the shipping guy picking up the boat (on my dime) and once the boat was en route then I wired the money. However, the seller had the shipping guy's information and was instructed that he could not complete delivery until confirmation of payment was made.

I can't remember how we handled the title.

Why can't the guy apply for a line of credit? Use the line of credit to pay you for the boat. Not sure how boat loans are in the US, but loc rates are much better than boat loans in Canada. If he still wants to get a loan, why can't he negotiate a loan and pay off the loc? If the guy can't get a loc then you know that you probably don't want to sell the boat to him. Just a thought.

Jeremy, if you and he agree, we can hold his money and your title till the agreement is made and we can release titles to his bank once you recieve the money etc.. No charge... Let me know

Kevin
253-852-5336
www.gonnasonboats.com

Thanks for helpin out Kevin. I may give you a call on Monday to discuss. I stopped into your shop on Wednesday morning, but you weren't in yet.

Run it through your local licensed/bonded dealer. Any bank with work with that compared to just an individual. Your bank will more than likely hold an out of state cashiers check but a dealers will probably not. Pay the dealer a couple hundred bucks for it.