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Buying A Boat Out Of State

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Hello,

 

I'm looking to buy a boat out of state, Iowa to MN. The boat is on cosignment at a Marina and the owner has a lien on the boat. The question is, could I use the boat in MN without the title until the title gets sent to me (while carrying around the bill of sale)? Or would I have to wait for the title to register it and use the boat? TIA

 

 

 

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Go to your local Wildlife and Fisheries office and ask. Here in Louisiana, you just carry copies of your submitted paperwork until concrete documents come in the mail. 

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I wouldn't do anything until the matter of the lien is resolved.

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Yea! Anytime a lean is involved and you are not walking out with a title in hand, then add being out of state and no telling how far to travel, there is always the potential of having something you never get the title for.  

 

It being on consignment, the dealer is usually not responsible for the sale, so if things go south with the title, he's probably just going to tell you to talk to the seller. 

 

I know people make deals all the time through dealers with leans on stuff because they can be held accountable, but through individuals, it they just take the money and run, then the title company still owns the boat you just paid the individual for. 

 

I've bought things from individuals with titles but I go with them to the title holder, pay off the loan myself and walk out with the title or get all the info, send the title company the money to pay it off myself.  I would have a hard time giving and individual a large sum of money, and trust them to pay it off and send me the title. 

 

Call me an ornery old fart, but when it comes to my hard earned money, I don't like taking chances on just giving it away,  and after 68 years, I've pretty well learned to trust no one when it comes to money.

 

With the way many boats are financed today, it's a good chance they owe more than it's worth and they plan to pay the difference, but once they get your money, they can't come up with the difference. 

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Make sure the lien is resolved. Also, if your state requires a trailer tag, make sure you get a separate title for the trailer.

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The lein is the bigger issue. Go pay it off for him and leave with the title. If Iowa doesn't require trailer registration, you might have to go through a few more steps in MN to get your trailer titled. Make sure it's included on your bill of sale. I'm not sure who handles the titling in MN for the boats and trailers, but after you pay for it they will usually give you either a receipt or a temporary title that shows you are just waiting for yours. 

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