How do you buy a pontoon boat?

How do people normally buy/sell boats via private party? My seller wants me to do a wire transfer. They will pay off thier loan and will send me the title, which they will sign over to me. In the mean time, they feel the bill of sale should be good for my proof of ownership. They don’t requaire a deposit, but when the money is cleared to their account, I can take the boat. Isn’t there a better way to do this? Will a bill of sale be adequate to get my new title? If they didn’t pay off their loan would their bank go after them? Or me? I’d hate to pay for the boat twice. Wouldn’t I be better off doing a cashiers check made out to both them and the lien holder on the title? How do I ensure that I get a release on the lien? Do I always need it? Could use your help. Thanks

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Wouldn’t I be better off doing a cashiers check made out to both them and the lien holder on the title?

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Yes.

Or go with them to the lien holder to have it paid off in front of you.

Do not leave your cash without a toon and a lien release/title.

There will be others more familiar with this type of transaction than I am chiming in by morning.

Doing it their way you have everything to lose and could be the start of a big big headache.

with out a released lien the lien holder still ownes the toon ! that will be a big hassel,the moneys gone and the bank wants there money or the boat.

Smells fishy and overly complicated, I bought both my boats with cash and left with the boat and a bill of sale.

If it was me I’d get out of there while I still had my vehicle. Wire transfer?
You have met this guy face to face? I as a rule lose all interest when a deal on anything sounds goofy or complicated. Plenty of boats out there.

Only problem I have is not wanting to take $22,000 cash with me to buy a boat. With the quality of copiers and forgeries fewer people are comfortable with certified checks either. Plus it still doesn’t solve the lien problem if they have to get a release. Hard to follow them to the bank when you have a job. I agree that getting a release is critical. Once you hand over the money they can loose all motivationto get the release for you. People are making private sales every day. What’s the simplest and safest way to do it? Thx

Safest way is to get a title for the money. If they can’t afford to get a clear title go to the bank with them and get it, a few hours out of the work day is worth the peace of mind that the transaction is done and nothing funny is going on (IMHO anway). I have dealt with this before and it was a pain, it took 3 months to get the title because the bank lost it??? I had a signed bill of sale and the boat but it was still a big headache which I don’t plan on going through again. Good luck.

Wire transfer is safer than money order as money orders can be forged. I wouldn’t blame the guy for wanting a wire transfer. However if you are concerned, I would call his bank directly and speak with someone there about the title and loan.

I don’t know all the details, but it doesn’t seem that fishy to me.

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go with them to the lien holder to have it paid off in front of you.

Do not leave your cash without a toon and a lien release/title.

Doing it their way you have everything to lose and could be the start of a big big headache.

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X2 This is the only way I would ever consider doing a deal like this.

You didn’t state how far away the guy is.

Line up the money in your bank. Go look at the pontoon, go down to his bank have their loan officer do a wire transfer. Take less then a hour. His bank will sign off on the lien and away you go. Clean and documented.

Good luck and enjoy the summer!

If you know where the boat is… just steal it in the middle of the night and beat him to the punch

It’s his job to hand you a title, when you wire or hand him cash… he can get lien release by securing something else on the loan for a day or two, while he sells his boat. It’s his problem, don’t make it yours. I have sold a few vehicles in my day and some are all high on buying them, until they find out I will hand over title when it’s transferred with myself & them at the DMV….