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Go Back   WakeWorld > >> Boats, Accessories & Tow Vehicles Archive > Archive through November 04, 2009

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Old     (wanttosell)      Join Date: Oct 2009       10-21-2009, 3:24 PM Reply   
Only have my boat a year and it is still being financed. Does anyone know the proper procedure to sell it myself,if I still have financing left on it left to be paid? Any good sites also to list it on?
Old     (big_b_21v)      Join Date: Oct 2006       10-21-2009, 3:32 PM Reply   
Just sell it and pay it off at the bank. The bank will then release the title to the new owner or their financial institution. Some states have releases for the registration and licensing. I made the mistake of not following our state procedures.
I would try the free classified sites before boat trader
Try craigslist.com and wakeworld.com and your manufacturers forum too.
Do your research and make sure its priced right for your market.
Old     (polarbill)      Join Date: Jun 2003       10-21-2009, 3:36 PM Reply   
List here in the classifieds section, onlyinboards.com and craigslist in your local area(as long as you have it listed for a good price and don't mind crazy weirdos wanting to trade their motorhome, paint your house or any other weird crap).

If you are selling it yourself and owe money basically all you have to do is get a check from the buyer, a bill of sale and take those items to your bank to payoff of the loan. What I would do is find out your payoff from your bank. Then when you find a buyer have them either get a cashiers check and actually go into your bank with him to do the transaction. I would make sure to call the bank where the cashiers check was written and verify the check number, amount and any other important info. This can be really easy if the buyer is using a bank as well. Then basically just have the 2 banks communicate to work the payment and then all you have to do is sign the bill of sale and give them the boat.
Old     (wanttosell)      Join Date: Oct 2009       10-21-2009, 3:42 PM Reply   
But what happens if the buyer also has to finance the purchase?
Old     (insuranceman)      Join Date: Jun 2005       10-21-2009, 3:48 PM Reply   
the two banks will cordinate with each other to make sure it's a clean sell.

i have sold 3 of my inboards without a broker with no hitch
Old     (bill_airjunky)      Join Date: Apr 2002       10-21-2009, 3:49 PM Reply   
Then they go to their bank, setup financing & write a check to pay off your loan. I found it easiest to tell the two banks about each other & let them do the work.
Old     (wanttosell)      Join Date: Oct 2009       10-21-2009, 5:17 PM Reply   
Are there any fees I will have to pay out before or after sale on boat ?
Old     (polarbill)      Join Date: Jun 2003       10-21-2009, 6:09 PM Reply   
nope
Old     (wanttosell)      Join Date: Oct 2009       10-21-2009, 6:15 PM Reply   
Tax on sale ?
Old     (chilidog)      Join Date: Dec 2007       10-21-2009, 6:28 PM Reply   
in CA the buyer will pay sales tax when they register the boat/trailer. None on your end.
Old     (polarbill)      Join Date: Jun 2003       10-21-2009, 7:55 PM Reply   
I suppose you may have to pay income tax of some sort if you made money on the boat but I am guessing that isn't happening.
Old     (chilidog)      Join Date: Dec 2007       10-21-2009, 8:11 PM Reply   
Unless it's stolen has anyone ever made money on a boat??

Never thought of a private party having to claim a profit on selling items in the private sector, I guess they could track it through the dmv register for paid for price between what you got it for and what the next guy paid
Old     (crushing76)      Join Date: Feb 2007       10-27-2009, 9:30 PM Reply   
It really is that easy... If he needs financing, just have your banks talk to each other. If you make money, your bank will cut you a check. If you owe money, they will not release the title to the new bank without you paying the balance...

Putting it up on craigslist should get it sold if the price is right.

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