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Anyone havev experience buying a used boat with a bank lien on it?
Posted on 5/14/20 at 5:47 pm
Posted on 5/14/20 at 5:47 pm
How should one proceed? Is it as simple as paying of the balance of the lien directly to the bank?
2
Posted on 5/14/20 at 6:20 pm to sloopy
You should pay his bank. If he's in the positive they will deposit any excess into his account. If you are financing the boat the bank should include a letter to his institution to forward the title to them to place the lien on it.
Posted on 5/14/20 at 7:00 pm to ruger35
quote:
You should pay his bank. If he's in the positive they will deposit any excess into his account. If you are financing the boat the bank should include a letter to his institution to forward the title to them to place the lien on it.
This. Going through this now. My bank sent payoff to his bank and a check to seller.
Posted on 5/15/20 at 5:53 am to sloopy
I sold one that way. Lucky enough to have a local branch, did the deal there. Bank took their piece and handed me extra cash. He got notarized bill of sale and zero balance there and the title a few weeks later.
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