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Can I sell a financed boat Iíve never registered? Also value?

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Can I sell a financed boat Iíve never registered? Also value?

Old 08-11-2020, 04:01 PM
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Default Can I sell a financed boat Iíve never registered? Also value?

In NY. Bought boat at end of June, DMV was closed so Iíve been riding dirty. Planning on selling boat as itís too small for family. 17í Carolina skiff is also not a good boat for the great South Bay. Boat is financed. I have title from previous owner but assuming itís got a lien on it. If I paid off note would lien get released so I could sell private, would I just get lien release so buyer could just register? Trying not to pay the sales tax if Iím just flipping it.

Also, whatís good ask for 2009 17í Carolina skiff dlv, has casting platforms and t top from factory. 2009 Yamaha 75hp 4 stroke, had 129 hours when I bought, prob 175 now. Boat is really clean and I have recent survey. Bunk trailer.

Great Lake boat or inshore flats fishing.
Old 08-11-2020, 04:06 PM
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Sounds like a flip without title or BOS is in order.
Old 08-11-2020, 04:07 PM
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Check with NY DMV but do not indicate you’ve been operating that boat or trailer.

If you bought it (and never used it) and merely “flipping” it, then a bill of sale from your seller, and another from you to a new buyer should be all that’s necessary. The new buyer will pay the taxes when he registers it.

I am not a lawyer and I haven’t stayed in a Holiday Inn for years.
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Old 08-11-2020, 04:24 PM
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Ha. Thanks! Gonna pull her this weekend and wax and touch up lower unit to take pics.


Originally Posted by Fishinado View Post
Check with NY DMV but do not indicate youíve been operating that boat or trailer.

If you bought it (and never used it) and merely ďflippingĒ it, then a bill of sale from your seller, and another from you to a new buyer should be all thatís necessary. The new buyer will pay the taxes when he registers it.

I am not a lawyer and I havenít stayed in a Holiday Inn for years.
Old 08-11-2020, 04:33 PM
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Bless your heart.
Old 08-11-2020, 04:44 PM
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Originally Posted by Uncutproducts View Post
In NY. Bought boat at end of June, DMV was closed so Iíve been riding dirty. Planning on selling boat as itís too small for family. 17í Carolina skiff is also not a good boat for the great South Bay. Boat is financed. I have title from previous owner but assuming itís got a lien on it. If I paid off note would lien get released so I could sell private, would I just get lien release so buyer could just register? Trying not to pay the sales tax if Iím just flipping it.

Also, whatís good ask for 2009 17í Carolina skiff dlv, has casting platforms and t top from factory. 2009 Yamaha 75hp 4 stroke, had 129 hours when I bought, prob 175 now. Boat is really clean and I have recent survey. Bunk trailer.

Great Lake boat or inshore flats fishing.
Let me ask you this. Why did you "buy" a boat that had a lien on it and not immediately payoff the band/finance company? You made the previous owner a guilty partner in known as collateral conversion.

By all means pay off the real owner of the boat--the lienholder. Then whatever you do without getting caught is your business.

The way it stands, the original note is probably past due, and the lienholder has the right to send a 6'7" heavily tattoo'd man named Bubba into your yard at midnight and haul "your boat" away. You don't want to ruin the man's FICO score.
Old 08-11-2020, 04:54 PM
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I really dont understand question.

As far as I can tell you don't own a boat to sell.
If there's a lien on it you should not have a title to anything. The bank holds the title until it's paid off.

In the past many years ago, in same state..you could transfer title multiple times on the back of the title. But if. you bought something from out-of-state you had to get a new title issued by your state. Too many details missing to know what the hell is going on. How do you have a title for something that's financed????
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Old 08-11-2020, 05:08 PM
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If I was a buyer , I would run away fast . Get it in your name then sell it
Old 08-11-2020, 06:02 PM
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I think he is saying He took a loan so HE has a lien?
if he bought a boat with a lien and didnít get a satisfaction of lien that would be terrible

OP- if you are set on selling the boat pay the loan NOW so you can get the lien paperwork back, this may take 1-3 weeks. You will need this anyhow.
should be easy to sell locallly people love those for their simplicity
I think there is a spot on the title to sign to someone else but itís been a while since Iíve looked at the back of a NYS title. So long as you didnít register it you shouldnít have to pay the sales tax
Old 08-12-2020, 07:14 AM
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There's a lien on an 11 year old 17' Carolina Skiff?

I wouldn't touch that boat with a neighbor's 10' pole.......Why do you "assume it has a lien on it"?

Welcome to Shady Acres Boat Sales!
We'll be happy to sell you a boat that isn't ours that may or may not be owned by a bank, complete with hodge podge, blurry paperwork for you to sort out!

Old 08-12-2020, 07:16 AM
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Please stay in NY...we don't need anymore of this in FL
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Old 08-12-2020, 07:20 AM
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Not sure about in NY, but it's illegal in SC to sell a boat on an "open title" as an individual. Dealers can do this....but not individuals. Not always possible to enforce, but not above board either. Check into NY laws to make a firm determination what applies, and to which situations. In some states titling is tied to registration, in others its not.
Old 08-12-2020, 08:17 AM
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NYS DMV was open all of June... I titled and registered a boat on June 3rd.

Publicly admitting to sales tax evasion is bold...
Old 08-12-2020, 08:25 AM
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Originally Posted by autobaun70 View Post
Not sure about in NY, but it's illegal in SC to sell a boat on an "open title" as an individual. Dealers can do this....but not individuals. Not always possible to enforce, but not above board either. Check into NY laws to make a firm determination what applies, and to which situations. In some states titling is tied to registration, in others its not.
I have done this my whole life. as a kid I would buy cars, clean them, give them tune ups, and sell them. Basically financed the down payment for my home like this
I guess im an outlaw.
Old 08-12-2020, 08:33 AM
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Originally Posted by smohr33 View Post
NYS DMV was open all of June... I titled and registered a boat on June 3rd.

Publicly admitting to sales tax evasion is bold...
Not to mention Fraud as far as the lienholder is concerned. I can not imagine that NY is more lax with title laws than Florida is. If you have a boat, since June, that isn't registered and no lien has been filed that should've been filed then you have heat. The minute you list the boat as "don't have title, but have Bill of Sale" you've cut the value significantly, if someone is willing to buy it.
Old 08-12-2020, 08:33 AM
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Originally Posted by Bamaman View Post
Let me ask you this. Why did you "buy" a boat that had a lien on it and not immediately payoff the band/finance company? You made the previous owner a guilty partner in known as collateral conversion.

By all means pay off the real owner of the boat--the lienholder. Then whatever you do without getting caught is your business.

The way it stands, the original note is probably past due, and the lienholder has the right to send a 6'7" heavily tattoo'd man named Bubba into your yard at midnight and haul "your boat" away. You don't want to ruin the man's FICO score.
The OP took the loan out. Not the previous owner.
Originally Posted by mbb View Post
I really dont understand question.

As far as I can tell you don't own a boat to sell.
If there's a lien on it you should not have a title to anything. The bank holds the title until it's paid off.

In the past many years ago, in same state..you could transfer title multiple times on the back of the title. But if. you bought something from out-of-state you had to get a new title issued by your state. Too many details missing to know what the hell is going on. How do you have a title for something that's financed????
THat's not universally true. I'm not sure what's customary in New York. It could also be that the took out a personal loan and not a boat loan.

Old 08-12-2020, 08:46 AM
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Originally Posted by JONOV View Post
The OP took the loan out. Not the previous owner.

THat's not universally true. I'm not sure what's customary in New York. It could also be that the took out a personal loan and not a boat loan.
You should go back and reread the post. .... " I have title from previous owner but assuming itís got a lien on it."

How is this the OP's loan?
Old 08-12-2020, 09:13 AM
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Originally Posted by Raybo Marine NY View Post
I have done this my whole life. as a kid I would buy cars, clean them, give them tune ups, and sell them. Basically financed the down payment for my home like this
I guess im an outlaw.
Depends on the item and the state. Easy to get away with here on cars here, as no notarization is required....but not boats, because those do require notarized titles. Basically the former owner signs the title, but not the buyer. Very state specific, which was my point to the OP. The state websites should outline what's required.
Old 08-12-2020, 09:51 AM
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Originally Posted by autobaun70 View Post
Depends on the item and the state. Easy to get away with here on cars here, as no notarization is required....but not boats, because those do require notarized titles. Basically the former owner signs the title, but not the buyer. Very state specific, which was my point to the OP. The state websites should outline what's required.
cars in NYS have titles, title gets signed and new owner signs and submits it all when going to register the car, no notary needed
same with boats here in NYS- you either have a transferable registration that gets signed and given to the owner or a title. again no notary needed
Old 08-12-2020, 10:09 AM
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The OP's post is a bit confusing - and it seems like the water is getting more murky in the discussion.

Hopefully the OP comes back to clear it up - but here's how I read it. The OP bought a boat and took out a loan to do so. He says "Boat is financed. I have title from previous owner but assuming it’s got a lien on it. If I paid off note would lien get released so I could sell private, would I just get lien release so buyer could just register?"

I read that as the OP took out a loan to buy the boat (Boat is financed) and he assumes there is a lien because it was financed (secured by the boat).

What I don't understand is how you could finance a boat that your do not own (title not in your name). In NY can a bank finance a loan and secure the loan through a lien on a title that isn't in the name of the borrower?

Maybe that's not what happened - but that's how I read the OP's post.

Sounds to me like the OP bought the boat to use for the summer and then sell, without having to pay sales tax. This isn't a flip . . . That's just supposition on my part.

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