What is the correct way to purchase a vehicle/boat for cash when the current owner has it financed?
I'm buying a boat from an individual who has the vessel financed. I intend to pay cash (or rather, cashier's check), but how do I get the bank to send ME the title instead of the seller? His bank sold the loan to an out of state bank, so we can't go into a branch together to pay it off. I'm thinking a notorized bill of sale would do it, but the the bank is telling me the title will still be sent to him, and on top of that, how do I know the amount he's selling it for is sufficient to cover the loan balance? If not, the bank still owns the boat.
Public Comments
- The seller has to give you an up to date statement, then you need to be sure he is going to pay the bank, you could have the sale notorised at your local police station.
