Hi All,I'm considering purchasing a boat on which the present owner has a loan. I figured many RV's were purchased with the same senario I'm facing. How does one protect themselves as a buyer and seller in this situation where one may never end up w a clean title or even the purchased item? In this case we live a 1000 miles apart and would probably meet halfway to conclude the transaction. Any pointers from the vast trove of experince at rvnet would be much appreciated.Thanks Paul

I just did this with my TT. It is real scary to let someone have your TT But you have to have faith or do it at a bank. He give me a Cashiers check and I called the CU it was issued at and used the phone# from an internet search and called them to verify it when it was good I signed a Bill Of Sale. the buyer was just worried as I am I don't have the title and I will send it when it comes from the county and then I will send it registered Mail w/return receipt. I look at it this way he has the TT and I have the title. Other than it's a leap of Faith.

you could use a wire transfer at the bank very safe for both parties. ask your bank manager he can set it up. seller knows he got payed and you get the title.

midnightsadie wrote:you could use a wire transfer at the bank very safe for both parties. ask your bank manager he can set it up. seller knows he got payed and you get the title.The title is held by the bank where his note is. He is contacting his bank to find out if they will facilitate the transaction by recieving my wire transfer, releasing the lien, and forwarding me a clean title.

I'd make the "extra" drive and conduct the transaction in the office of the lien holder....bank, CU etc.

Lwiddis wrote:I'd make the "extra" drive and conduct the transaction in the office of the lien holder....bank, CU etc.That's a good idea, but I just bagged the whole deal. Found a similar boat new leftover at a dealer for a couple dollars more. Not quite as well equipped but will have orginal warranty on trailer, hull, and motor and it's much closer to home.

Purchasing question | Good Sam Community

cptqueeg
Explorer II
May 21, 2020
midnightsadie wrote:
you could use a wire transfer at the bank very safe for both parties. ask your bank manager he can set it up. seller knows he got payed and you get the title.

The title is held by the bank where his note is. He is contacting his bank to find out if they will facilitate the transaction by recieving my wire transfer, releasing the lien, and forwarding me a clean title.
midnightsadie
Explorer II
May 21, 2020
you could use a wire transfer at the bank very safe for both parties. ask your bank manager he can set it up. seller knows he got payed and you get the title.
Colo_Native
Explorer
May 21, 2020
I just did this with my TT. It is real scary to let someone have your TT But you have to have faith or do it at a bank. He give me a Cashiers check and I called the CU it was issued at and used the phone# from an internet search and called them to verify it when it was good I signed a Bill Of Sale. the buyer was just worried as I am I don't have the title and I will send it when it comes from the county and then I will send it registered Mail w/return receipt. I look at it this way he has the TT and I have the title. Other than it's a leap of Faith.

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