Private sales

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Originally Posted by UNSTUCK

My bank is really good about that. I call them up and tell them I'm selling and ask to have the title delivered to whatever branch we are meeting at. It's there the next day ready for us. We pay it off, they sign the lien release, notarize and done.

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Sweet! I'm at AFCU, and they always make me wait.

American First? That's who I bank with. Maybe they like me more. :D

Quote:

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Originally Posted by UNSTUCK

My bank is really good about that. I call them up and tell them I'm selling and ask to have the title delivered to whatever branch we are meeting at. It's there the next day ready for us. We pay it off, they sign the lien release, notarize and done.

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I have the title to my boat which lists US Bank as the lien holder. Same with our last boat through a local credit union (same with any vehicles we’ve ever financed).

I am always surprised to hear folks don’t have their titles...Is that a state by state thing? Perhaps WI requires the owner be sent the title..

Do it through Rinkers. Called an in/out. In essence, you give them the boat on trade for your new one (can be a build slot), the buyer buys the boat from Rinkers. Benefit to you is much much less sales tax on the new boat, and they do all of the paperwork.


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Originally Posted by brad460

I have the title to my boat which lists US Bank as the lien holder. Same with our last boat through a local credit union (same with any vehicles we’ve ever financed).

I am always surprised to hear folks don’t have their titles...Is that a state by state thing? Perhaps WI requires the owner be sent the title..

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I think you are issued a COPY of the title, and the actual is mailed to you after payoff.

I think. I don’t finance vehicles and the like.


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Originally Posted by Woody929

Do it through Rinkers. Called an in/out. In essence, you give them the boat on trade for your new one (can be a build slot), the buyer buys the boat from Rinkers. Benefit to you is much much less sales tax on the new boat, and they do all of the paperwork.


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Have done this before in the auto world and they called it a "Courtesy Trade". Definitely saves some $ on taxes.

Quote:

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Originally Posted by brad460

I have the title to my boat which lists US Bank as the lien holder. Same with our last boat through a local credit union (same with any vehicles we’ve ever financed).

I am always surprised to hear folks don’t have their titles...Is that a state by state thing? Perhaps WI requires the owner be sent the title..

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State by state. Utah issues titles and allows the banks to hold them. It's their boat till I repay them for it, is the logic. Then there is places like Arizona that don't title boats. The registration acts as title.

Quote:

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Originally Posted by brad460

I have the title to my boat which lists US Bank as the lien holder. Same with our last boat through a local credit union (same with any vehicles we’ve ever financed).

I am always surprised to hear folks don’t have their titles...Is that a state by state thing? Perhaps WI requires the owner be sent the title..

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My truck and boat are financed thru capital credit union in green bay.
They have held every title for our vehicles except trailers. Its likely a bank thing and not a wi thing.

Quote:

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Originally Posted by Woody929

Do it through Rinkers. Called an in/out. In essence, you give them the boat on trade for your new one (can be a build slot), the buyer buys the boat from Rinkers. Benefit to you is much much less sales tax on the new boat, and they do all of the paperwork.


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Seeing if I can still somehow make this happen now that the cashier's checks have already been issued.

Rinkers has to also agree to it.
Example math: You agree to sell for $60k
That counts as a trade allowance for you
New boat: $100k
Taxes if buying if you sell outright: $6,250
Taxes if you can do it the other way: $100k-$60k = $40k * 6.25%=$2,500


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