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Thread: Private sales
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04-21-2021, 10:47 PM #31
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04-22-2021, 08:28 AM #32Senior Member
- Join Date
- Dec 2016
- Posts
- 128
American First? That's who I bank with. Maybe they like me more.
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04-22-2021, 11:44 AM #33
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..2021 Moomba Max
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04-22-2021, 11:45 AM #34
Private sales
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.
Sent from my iPhone using Tapatalk ProMatt
2021 Mojo
2016 Mojo (sold)
2012 LSV (sold)
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04-22-2021, 12:05 PM #35
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04-22-2021, 01:05 PM #36
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04-22-2021, 01:11 PM #37Senior Member
- Join Date
- Dec 2016
- Posts
- 128
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04-22-2021, 02:20 PM #38
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04-22-2021, 03:49 PM #39
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04-22-2021, 04:03 PM #40
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
Sent from my iPhone using Tapatalk ProMatt
2021 Mojo
2016 Mojo (sold)
2012 LSV (sold)