I have 3 years left on a boat that I am financing. Paying for the boat is not the issue. The issue is that no one in my family is ever around to use it. Is it possible to sell the boat while I am still financing it?
2007-06-30 00:13:20 · 5 answers · asked by sestud69 4 in Cars & Transportation ➔ Boats & Boating
Yes, but their is probably a lein on it so the bank gets paid first.
2007-06-30 00:16:33 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Selling a boat is no different than selling a car. The finance company must be paid off before they will release the title. If the person buying the boat is also going to finance it, it may go a little easier by letting the two financing companies hash out the details on the title.
2007-06-30 00:39:59 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes.
There several ways to do this and the Bank needs to be in on it. How I did this with a truck. I had a friend I trusted and went to the bank and just signed off on the back of the title and my friend took over making payments and gave me the cash difference. This way the loan was still in my name and I was actually responsible for payments, only he made them until he could payoff the balance. The Bank mailed him the Title.
The other that more safe for you. The person buying the boat either borrows the money and his bank call your bank and then they payoff the balance and give you the money left over. OR, the person have the cash and you both go to your bank, having forewarned them what you going to do.
It would be best you go into your bank and talk this over. They really not care what a person do as long as they get their money.
2007-06-30 03:04:10 · answer #3 · answered by Snaglefritz 7 · 0⤊ 0⤋
Sure! Find a buyer , you and the buyer go to the bank to finalize the deal the Bank gets all your money and now the buyer has a hole in the water to through his money into. You know the second happiest day in a mans life is when he buys his boat. The happiest day of his life is when he sells it
Good luck
2007-06-30 00:18:18 · answer #4 · answered by bob D 3 · 0⤊ 0⤋
Yes..you can sell it but you would have to get at least what you owe for it because the new owner would not be able to get the title unless you use the money to pay off what you owe. You could always have the new owner take over the payments....
2007-06-30 00:17:13 · answer #5 · answered by helicopterjen 4 · 0⤊ 0⤋