Question to you HB pros on selling my boat

[HappyHour]

Just wondering something:
Do you think me selling my boat for what I owe on the loan is better than having someone give me like $2000 and then taking over payments??
I might be looking to sell my boat in the near future and this was a question that the wife and I have been pondering. Just looking for some advice.
Thanks in advance,
Mike
AKA HappyHour............:D

[No Name]

Just wondering something:
Do you think me selling my boat for what I owe on the loan is better than having someone give me like $2000 and then taking over payments??
I might be looking to sell my boat in the near future and this was a question that the wife and I have been pondering. Just looking for some advice.
Thanks in advance,
Mike
AKA HappyHour............:D
Would the loan still be in your name? If so fock that!

[OverKill]

After you find a buyer, ask the buyer to meet you at the bank that keeps the title on file. If the selling price that you and the buyer agree on is higher than what you owe. Than the bank witch holds the title will give you a cashiers check of the difference/your profit. Reason you do it this way is you and the bank both want to make sure the new buyer quilifies for the new loan. Even if the guy has cash in hand you and the buyer still want to meet at the bank. Then cash can be deposited to the bank for the title and the profit will given to you in the form of a cashiers check. Reason for this is if there are more than one counterfit bills you don't want to stuck with the difference. Also if you own a boat outright, you still want to make the transaction at a financial institution. Just what I would do.

[Keith E. Sayre]

Never allow someone to "assume" your loan unless the bank is allowing him to do it and they get the boat out of
your name. Otherwise, YOU are still responsible for the loan and for any potential liability problems that could
arise. Not worth it! What ya got to sell??
Keith Sayre

[HappyHour]

I've got a 2004 Maxum 1800 SR3 boat with low hours and in great shape. It's a great starter boat for anyone, it has worked out very well for the wife and I. It has a 3.0 Merc engine.
I was just wondering what some thoughts were on the best way to sell the boat.
Thanks everybody!!

[andy01]

Sell it like a car or anything else you would sell. Sell it for what it is worth and varify the funds are good. Your pay off shouldn't matter on the selling price. Many peoples payoffs are higher then the boats value. Then your writing a check to sell it.
Andy