View Full Version : Out of state purchase with Financing question

03-07-2011, 04:45 PM
First off long time no see! Secondly I have a stupid question and trying to figure out how to handle it. Figure you guys do alot of out of state purchases and might have some input.

Found a Mobius I want in Knoxville, TN. We came to a pretty good agreement on price based on the disclosed/assumed condition. I'm good with the number and so is he. I would however like to look at the boat/test it before I make a 15k+ mistake.

Basically its a 6hour ride for me. My bank is saying they won't cut me a check until they have a copy of the title, power of attorney, vin, etc. Overall basically they won't just send a check with me b/c his bank still has the title.

So they want me to go up there, check the boat, come back, wait and go up again with the check, and then deal with the title. Sounds like bs to me and there has got to be a simple solution where I can go up there, ok the boat, and leave with it.

Anybody have any suggestions or is my bank 100% correct on this one?

ian ashton
03-07-2011, 05:52 PM
I haven't bought a boat out of state, but I've bought a car. What I did was send the courier to pick it up, and when the driver was in possession of the car I had my credit union wire the money. In the mean time the seller had my deposit, and a personal check for the full amount, and he also FedEx'd me the signed title. It was a trust thing, but I didn't have any issues.

03-07-2011, 06:07 PM
Normally They would make the pre-approved check to the bank and the owner, so he does not skip town with the check.

03-07-2011, 06:41 PM
I have done a few out of state deals. First, your bank approves YOU for a loan on a specific year and make of boat. The bank does not inspect the boat. Next you will need to get the boat owner's bank info on where he keeps the loan along with contact info for them. Then, since you are approved for the loan, your bank contacts the boat's bank and will set up a wire transfer directly to that bank. Any difference on pay off the amount that you owe can be given to you in a cashier's check.

In the age of internet wire transfers, it's ashame that you are getting jerked around like this.

03-07-2011, 07:02 PM
agree with max..
get approved, then just wire the bank once all parties agree on price and condition.
done deal..

ask to talk to branch mgr or go to different branch.

03-07-2011, 09:10 PM
The packers were here today. They will be back in the morning. Delivery in Tampa is set for Friday. I will drive down after work on Thurs. Mary took Thur and Fri off. She starts her job on Monday in Tampa. I will stay in Tampa for the week setting stuff up and then return to Pcola. I retire in April and go on leave til the official date of 1 Jul.

03-07-2011, 09:54 PM
My wife works for the NC credit union and if there is a lean on the title they would deal with the lean holder directly. They would also have the boat appraised @ a local bank near the owners location because they would not be able to appraise the boat themselves. All banks have different standards they go by, so it may be there policy to handle the loan in that manner. If the owner does not have a lean on the boat you may want pay for the boat, if you have the source, or a home equity loan. Then get the boat loan once you get the boat back in your state & title it.

03-08-2011, 03:21 AM
I agree with harmsway. If you feel good about the boat then go there with a cash advance from your bank, make the deal, come back with the title and get a boat loan. The additional interest you pay will be minimal. The appraisal should come in at book value if it is good shape it should be no problem. Get enough on the loan to pay taxes and title fees and have your bank on the title, go back to the bank and get the loan and include your taxes and fees. I did it that way when I bought mine but the book value was well above the sale price.

03-08-2011, 11:39 AM
I did a signature loan at my credit union one time. I took the cash and paid for the boat, returned with the title and took out a boat loan, giving them the title. So I had a high interest rate for 2 days then converted to a boat loan.