Getting paid for boat

[user 29]

With all of the scams going on with cashier’s checks, bank checks, just all around no good checks and counterfeit money, what’s the best form of payment when you sell a boat?
Thanks

 

[1960 yellowboat]

cash

 

[GTS225]

cash

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I'll add cash withdrawn at his bank, with you present. He gets the registration/title when he hands over the cash, right at the bank.
(I might also add that you need to immediately notify the proper local letter agency that the boat has been sold, and you are no longer legally responsible for it..)

Roger

 

[1960 yellowboat]

And NEVER< NEVER<NEVER buy a boat without a title!

 

[GTS225]

And NEVER< NEVER<NEVER buy a boat without a title!

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That's dependent on the state. Here in Iowa, we don't "title" a boat in the traditional sense. We "register" it at the local county recorder's office. They then issue the registration number that you are required to place on the forward, upper area of the hull, in contrasting colors.

I have successfully registered a boat that was many years out of registration, but there's a risk factor involved. The DNR backtracks the ownership records, and sends the last known registered owner a query as to whether they have any interest in said boat. (This ensures it wasn't stolen.) If no interest, then they will officially give you permission to register the boat. If the last known owner does have interest, they will confiscate the boat and give it to that person. You are out any investment you may have made, and possibly open to charges of receiving stolen property.

In general, though, Yellowboat's right. If the seller can't document ownership or registration, walk away.

Roger

 

[JL8Jeff]

At the least you need to get a bill of sale and in NJ it has to be notarized to be able to transfer title and register it. The trailer though only needs a bill of sale to register it since NJ does not issue titles for trailers rated under 2500 lbs. I wish all the states would be consistent with titles and registration for motor vehicles.

I've done cash, bank wire and Paypal for boat sales. Cash is preferred. Money orders, bank checks, certified checks can all be canceled. Bank wires can as well but I think it would need to be within a day. And I'm sure someone could dispute a Paypal charge and they will side with the other person and you would be screwed. Basically, if a buyer/seller seems shifty or you get a bad vibe, walk away. Some people are still not very good at a computer, so odd sounding communication is not always a bad sign, but it should be a sign to be aware.

 

[LDUBS]

At the least you need to get a bill of sale and in NJ it has to be notarized to be able to transfer title and register it. The trailer though only needs a bill of sale to register it since NJ does not issue titles for trailers rated under 2500 lbs. I wish all the states would be consistent with titles and registration for motor vehicles.

I've done cash, bank wire and Paypal for boat sales. Cash is preferred. Money orders, bank checks, certified checks can all be canceled. Bank wires can as well but I think it would need to be within a day. And I'm sure someone could dispute a Paypal charge and they will side with the other person and you would be screwed. Basically, if a buyer/seller seems shifty or you get a bad vibe, walk away. Some people are still not very good at a computer, so odd sounding communication is not always a bad sign, but it should be a sign to be aware.

It is really a shame that Paypal cannot be relied upon. That would be a perfect way to avoid scammers.

 

[gnappi]

It is really a shame that Paypal cannot be relied upon. That would be a perfect way to avoid scammers.

Relied upon to what? Pay the seller, or decide fairly in a dispute?

Remember Paypal is not your only recourse, PP uses your credit card and the CC values your business and you always have that avenue of disputing a transaction.

The issue I have with PP is sending $$ to a "friend" who is really unknown to you. Face to face is my preferred method, carry a gun, have my big dog and son with me, AND do the transaction in front of a police station

 

[LDUBS]

It is really a shame that Paypal cannot be relied upon. That would be a perfect way to avoid scammers.

Relied upon to what? Pay the seller, or decide fairly in a dispute?

Remember Paypal is not your only recourse, PP uses your credit card and the CC values your business and you always have that avenue of disputing a transaction.

The issue I have with PP is sending $$ to a "friend" who is really unknown to you. Face to face is my preferred method, carry a gun, have my big dog and son with me, AND do the transaction in front of a police station

I was thinking in terms of getting paid. But big dogs & etc works for me too! haha.

 

[PGRChaplain]

I deal only in Cash. In the last 5 years I've sold 2 Motorcycles. The first was $22,000, the Second $9,800. Both were Ca$h deals. I saved $400 on my current Bike buying with Ca$h. My Boat was a Ca$h deal as well.

 

[CedarRiverScooter]

I do the transaction at the bank, or in my case credit union. They don't get the title until the money is in my account.

Make sure an out of town buyer knows there could be delay if they want to pay with personal check. Otherwise you have an unhappy camper.

Have done EFT but that took a few hours to clear also. Always do the transaction in a public place.

 

[Crazyboat]

Go directly to the bank and have them pull the cash from their account or have the bank cash their check and give you cash.

I bought a car once, out of state, I called the bank in advance and told them to have 22K on hand for me in case the deal went through. The car was as advertised, we went to the bank I do business with, introduced myself and handed the man 22K in cash.

If I were him I'd have opened an account right there but he walked out of the bank with 22K in hand, I drop 800 miles home.

 

[maintenanceguy]

At the least you need to get a bill of sale and in NJ it has to be notarized to be able to transfer title and register it. The trailer though only needs a bill of sale to register it since NJ does not issue titles for trailers rated under 2500 lbs. I wish all the states would be consistent with titles and registration for motor vehicles.

True for boats 12' or under. Boats over 12' are titled in NJ.