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  #11  
Old 02-22-2008
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Xort-
I couldn't find Sapper, so I sheeped my way through for $200. She just asked the general, home port, new boat name, kinda like lawyer fees 15min If your in the know (sappers suggestion) and have the time go that route for sure.
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  #12  
Old 02-22-2008
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This is often because of the lien issue. The bank has a vested interest in making sure that the boat you're putting up as collateral for the loan you're buying it with is free and clear of any liens in case of default.

Quote:
Originally Posted by labatt View Post
Generally, if you are getting a significant loan to pay for the vessel, the loan company will require you to go through their people to transfer the documentation. When we were looking to buy a Hallberg-Rassy 53 recently, we talked to 8 different brokers. For the amount we were borrowing, every one of them required that we go through their people for the transfer - period. I'm generally pretty good at negotiating, and there was no bargaining here...
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  #13  
Old 02-22-2008
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Quote:
Originally Posted by labatt View Post
Generally, if you are getting a significant loan to pay for the vessel, the loan company will require you to go through their people to transfer the documentation. When we were looking to buy a Hallberg-Rassy 53 recently, we talked to 8 different brokers. For the amount we were borrowing, every one of them required that we go through their people for the transfer - period. I'm generally pretty good at negotiating, and there was no bargaining here...
Yep, they are in control of the transaction as it were and really want that extra money in their pockets. Pure greed, but they can get away with it in this situation.
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Old 02-22-2008
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I agree with SD. Why do you say "pure greed", they are undertaking the responsiblity and liability to insure that the boat is free and clear of all liens, for a $200 fee, it is more than filing a sheet of paper.
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Old 02-22-2008
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Red face I never did this type of transfer.

I have never done this so it a good question for me to learn.

We have registered boats from Canada into the USA. But, it different than this.

I assumed it should be something simple if it go through some from of Government. They just make it sound complicated.

When my Ham Radio License came up for renewal, I was getting letters from everywhere to send $10-25 to get my license renewed.

So, I went to the FCC website and read. Downloaded a PDF form and fill it in. I could not find where they say how much money to send?

I called them on the phone and some pretty woman tell me; "It not cost anything to renew. People get your name and address from your 'Call Sign' and try to get you to pay them to do it for you"!

So, I learned two things that day. One, never give out my "Call Sign" on the Internet, just on the Radio as needed. Two, Government stuff is easy if we take the time to learn and ask questions. Heck, I can even keep my Books and do my own Taxes. Weeeeeee!

But, it never hurt to ask and this was a good question for myself.
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Old 02-22-2008
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Quote:
Originally Posted by xort View Post
Loan shark, er loan officer wants to charge me for handling the transfer of documentation on a used boat purchase.
I went to the coast guard doc site and couldn't make sense of all the gobledegook.
Anybody care to tell me what it actually costs to transfer documentation?
I have usually paid about $300 to have a doc service handle this for me.
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Old 02-22-2008
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Actually I don't think xort mentioned how much has loan shark wanted, it might be more than $200. Which also leaves the question, is the loan shark providing title insurance (which can be bought) or simply charging him money because they are satisfying themselves about title and NOT providing insurance?

Too many issues being confused and ignored here, to say if the loan shark is being greedy or not. The same way you can buy a car and have the dealer take care of all the licensing and registration for you--often for a $50-100 fee, while they pay $15 to some plate service who sends a runner out every morning with a boxful of papers for two dozen customers all at once.
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Old 02-22-2008
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If it is a used boat the document service and insurance is worth it's weight in gold, and as said often required.
If it's new, like mine was its a profit center for the loan company; and was still required unless I wanted to pay cash for the boat.
Not many folks have 160k laying around and I didn't at that moment so I paid the bribe, er fee, and went about my day.
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Old 03-10-2008
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Just thought of this thread when I answered another.

Abstract of Title- $25
NVDC Order Abstracts of Title Online

Exchange of Certificate of Documentation- $84

But if your lender requires you to go with the (trumpets please) Official Documentation Service, then thats the cost of doing business.
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