Canadian buying a boat in Texas??

[Chia]

Well I'm in need of some direction Payment. How should I make this transaction the safest possible. I will be in person at time of payment.

Payment time rolls around the boat is owned by him and the UFCU he owes $1000 more than I'm purchasing the boat for and he is going to cover the difference inorder for me to gain clear title. Who do I wire the money too?

He suggested we can go to his bank in the morning together and I can wire the purchase amount to his account He will withdraw a cashiers cheque for the full amount oweing on the boat and we will proceed together to UFCU where the boat was financed through and present payment to gain the clear boat title. Then complete the bill of sale and the transaction will be complete.

Does this sound appropriate Or should I be wiring the money to UFCU and He just writes a check for the additional amount owing. Or does it really matter? Tell me how this payment should be looked after to make it the safest possible for myself.

__________________

you need to wire the money to the bank, phone the bank manager and set this up.

[mac19]

you need to wire the money to the bank, phone the bank manager and set this up.

I'm assuming the Bank where the boat is financed at correct?

[Chia]

I'm assuming the Bank where the boat is financed at correct?

correct

you need to make sure you can get the money back in case the boat doesn't check out like you think. If you are going to wait and transfer the money down there after you arrive, that takes time, sometimes days. You want to discuss with your bank and the texas bank how to make the transfer as quick as possible. Maybe have the banks talk to each other even.

I don't see a scenario where you deposit the money into his account and then go to the bank and have him pay off the boat from his account.

Edited January 18, 2011 by Cervelo

[JDubya]

What about finding out what bank he is using, then open up and account at that bank before you travel down to Texas. Trasfer the funds prior to your trip down and then all you have to do is ask the bank for a cashiers check made out to him.

If it is a CU, this likely won't work as most require you be a local resident to become a member. If all else fails mabye a cashiers chekc from your bank made out to him...se iff they will print the Hull ID as a memo on the check for some safety.

I would also have him call the credit union and verfify the process to release the title. This could be a delayed process, might be a few days untill you get the title. But usually the Bank or CU will handle getting this to you via mail. Just make sure you are aware of the process and what to expect so you don't get a surpise.

[mac19]

Well the stress has been lifted, looks like I will be able to open an account at UFCU and wire the funds there prior to arrival. Thanks for everyones advice, I am getting pretty stoked to go check out the new boat.

[mac19]

Well thanks for all the advise!! I flew to Austin Texas last week and payed for the boat and had both the warranty transfer inspection/paper work completed as well I had it winterized BY CTWS right before the nasty snow and below freezing weather hit Texas. I stayed in Austin for a few days while they endured rolling black outs and 2" of snow. The guys at Central Texas Water Sports were Awesome. They let me keep the boat in the shop for a few days and Allowed me to clean out the boat and get it ready to store for a 3 months. CTWS was the dealer where the boat was bought and serviced at and they have been a great. The boat is now being stored till the roads clean up in northern Alberta and then I will either have it shipped to North Dakota/ Canada border where I'll meet the boat and bring it across the border myself or I'll drive down to Austin and pick it up, which ever makes more sense when the time comes.

Edited February 8, 2011 by mac19

[Malibudude]

Congrats...but um no pics? Come on that's just not right.

[mac19]

Congrats...but um no pics? Come on that's just not right.

I was just trying to figure that out... Misson accomplished!!

Edited February 8, 2011 by mac19

[Malibuzer]

I still dont see any pics!

[mac19]

I still dont see any pics!

[Malibuzer]

Looks great! Congrats. Where are you located?

[mac19]

Looks great! Congrats. Where are you located?

I'm up in Grande Prairie. Wizard Lake Marine will be my closest dealer, I've heard and read lots of great things about Wizard so that is comforting!!!

[Malibudude]

I was just trying to figure that out... Misson accomplished!!

Nice, now for the longest wait you'll ever experience. Just plan on taking a vacation down in TX and use the boat, why wait until spring. You know you want to....