Questions about selling boat

[haolegirl70]

We have a 2021 Yamaha AR250 that we are selling. What have people found to be the easiest - selling directly to a dealer, consignment or private party?

 

[fireflymedic]

Private party but you pretty much gona half to have title in hand.

 

[haolegirl70]

That wouldn’t be possible until the lien is paid off

 

[jawsf16]

Private party with a lien is not bad. Just go to buyer's bank and they can sort out all the details with the lien holder. I paid cash for boat via bank funds transfer, seller had lien with Yamaha, and we did all paperwork at my bank. Funds were transferred after amount owed and lien info was confirmed with Yamaha and they sent seller the title a week or two later, then we met again and he signed it over to me. Oh, and I took possession of boat after we both had notarized copies of everything awaiting title.
Requires some more legwork and patience but the notarized bill of sale, funds transfer documents, etc that bank provides covers both parties.

Dealer or consignment takes away these complexities but you are obviously going to pay for that service.

 

[jocolo21]

Private party but you pretty much gona half to have title in hand.

No you don't I have sold 2 boat without having the title, bank had it.

 

[Adrian @ JB Solutions]

It's not that bad selling or buying with a bank loan. Bank to Bank is easy. Bank to Cash is a little more difficult but just need good seller/buyer communication and honesty.

 

[HangOutdoors]

If you sell it to a dealer you are going to take a pretty good shave off what you could get in Private Market. $10k circa less

 

[haolegirl70]

Private party with a lien is not bad. Just go to buyer's bank and they can sort out all the details with the lien holder. I paid cash for boat via bank funds transfer, seller had lien with Yamaha, and we did all paperwork at my bank. Funds were transferred after amount owed and lien info was confirmed with Yamaha and they sent seller the title a week or two later, then we met again and he signed it over to me. Oh, and I took possession of boat after we both had notarized copies of everything awaiting title.
Requires some more legwork and patience but the notarized bill of sale, funds transfer documents, etc that bank provides covers both parties.

Dealer or consignment takes away these complexities but you are obviously going to pay for that service.

Thank you! Good information

 

[steveinmd]

We purchased ours with a lien on it. Went to my bank (new lien holder) and had to have 14 day payoff info from his bank. Wasnt terrible. They cut a check, and we both went to nearby fedex and overnighted the payment to his bank. I had him seal the envelope and hand off to fedex. I left with the boat and title came later. Easy

 

[ACRDSPORT14]

I paid the guy cash, took the boat and did a bill of sale with his photo ID. He paid it off and got the titles for the trailer and boat a couple of weeks later. He was only 1.5 hours away and a doctor. I wasn't too worried.