skinny Posted December 5, 2011 Report Share Posted December 5, 2011 ok my buddy is looking at a used boat he found for sale. He says the price is not bad and the boat is only a few years old. His question was how does he find out if there is loans agaist the boat or that it is clear of owing monies. From the sounds of it he not so long ago purchased an item and next thing he knew they were knocking on his door for payment or they were taking the item. He's in the once bitten twice shy mode Link to comment Share on other sites More sharing options...
BillM Posted December 5, 2011 Report Share Posted December 5, 2011 (edited) I'm assuming the boat is in Ontario? Even if there is a loan against the boat, that doesn't get transferred to the new owner Edited December 5, 2011 by BillM Link to comment Share on other sites More sharing options...
Old Man Posted December 5, 2011 Report Share Posted December 5, 2011 (edited) Service Ontario has and online search function. The fee is $8 per search. Here's the link, My link Edited December 5, 2011 by Old Man Link to comment Share on other sites More sharing options...
ccmtcanada Posted December 5, 2011 Report Share Posted December 5, 2011 A quick check at the Better Business Bureau returns this... "When you buy a used vehicle, especially if buying from a private sale, check for liens. A lien usually means that a previous owner still owes money on the car for purchase or repairs. If you buy a car with a lien you may be responsible for the lien.To check for a lien, contact your nearest private registry office. You may need to provide the registry office with the vehicle identification number (VIN)." Service Ontario has the following info on searching for a lien... "How can I register a lien or conduct a lien search? Lien searches may be done over the telephone by calling 416-325-8847 or toll-free in Ontario at 1-800-267-8847 or TTY at 416-325-3408 or 1-800-268-7095. Please have your credit card or PPSR deposit account number ready. Hours of service are Monday to Friday, from 8:30 a.m. to 5:00 p.m." I suppose the negotiated price can include the lien...that is your friend pays the lien and then the remainding cash goes to the person selling the boat. Good luck to your friend! Link to comment Share on other sites More sharing options...
Old Man Posted December 5, 2011 Report Share Posted December 5, 2011 I'm assuming the boat is in Ontario? Even if there is a loan against the boat, that doesn't get transferred to the new owner If there's a lien registered against it, yes it does. Link to comment Share on other sites More sharing options...
skinny Posted December 5, 2011 Author Report Share Posted December 5, 2011 I will forward the info to him thanks all Link to comment Share on other sites More sharing options...
BillM Posted December 5, 2011 Report Share Posted December 5, 2011 (edited) If there's a lien registered against it, yes it does. I was referring to a loan.. ie the original buyer still has a loan on the boat. That's his responsibility, not the new owners. Edited December 5, 2011 by BillM Link to comment Share on other sites More sharing options...
Terry Posted December 5, 2011 Report Share Posted December 5, 2011 well a lien is for the cost of the loan and is there till there is no loan and a loan against a boat implies a lien IMHO Link to comment Share on other sites More sharing options...
BillM Posted December 5, 2011 Report Share Posted December 5, 2011 well a lien is for the cost of the loan and is there till there is no loan and a loan against a boat implies a lien IMHO Interesting, I guess the bank has the final say, lol. Link to comment Share on other sites More sharing options...
Terry Posted December 5, 2011 Report Share Posted December 5, 2011 well you are right....kinda... if you pay me cash for my boat and try to put it in your name, (assuming I didn't tell you about the registered loan on the boat) you will not be able to get it in your name without getting me to pay off the loan..good luck if I default on the loan they will track down the boat and the repo man will drag it away or you can assume the loan then you can put it in your name you can take me to court and try to get your money or boat back, but I am going to tell the judge you new you had to assume the balance of the loan on the boat.....it can be messy Link to comment Share on other sites More sharing options...
BillM Posted December 5, 2011 Report Share Posted December 5, 2011 This is where I like the US system a bit better.. Bank holds the title, you can't register without the title, etc.. So it's really easy to figure out if the seller is feeding you a line of crap or not.. No title should make your ears perk up Had an issue similar to that when we bought our Lund from Michigan (It all went smoothly however) Link to comment Share on other sites More sharing options...
lew Posted December 5, 2011 Report Share Posted December 5, 2011 Reading all this is just one more reason I always buy new Link to comment Share on other sites More sharing options...
Rizzo Posted December 5, 2011 Report Share Posted December 5, 2011 Lew when you're done with that boat of yours I'd like to buy it off you (it's paid up right?) Link to comment Share on other sites More sharing options...
lew Posted December 5, 2011 Report Share Posted December 5, 2011 I'll give you 1st crack at it Roger Link to comment Share on other sites More sharing options...
smally21 Posted December 6, 2011 Report Share Posted December 6, 2011 i have to ask - what document represents the 'title' of your boat licensed in ontario - as their are no ownership papers like you would have for your car. in fact, no government issued proof of ownership or any kind. Link to comment Share on other sites More sharing options...
HTHM Posted December 6, 2011 Report Share Posted December 6, 2011 I believe it is the bill of sale and the registration that one gets from service ont in order to apply bow numbers. Link to comment Share on other sites More sharing options...
smally21 Posted December 6, 2011 Report Share Posted December 6, 2011 yes that is the license from the govt you are talking about, which, kind of like your license plate, doesn't prove ownership the way, say, your vehicle ownership does. my only point in this is more of a question - if you were to register your boat at the bank as collateral for the loan how would you prove you own it? and when they went to reposses it how would they identify it as being the right one? i suppose from the bow numbers, if it had them and they were in your name. or the hull identification number, which doesn't help with the motor. or trailer. or the serial # of the motor, which could be on a different boat by now. if it was recorded. which you can't really prove you own either. or by the trailer plate, if it was on the right trailer, or the vin of the trailer if it wasn't registered or reregistered as homemade, or worn off, again provided someone else didn't have their boat on the trailer that day. all points that their should be an outright ownership or title for the boats we buy and can't prove we own. does the bank even give loans on boats? and i can't imagine the boat itself would qualify as its own collateral. what with no regualtions for insurance and their questionable title exchanges. Link to comment Share on other sites More sharing options...
bigbuck Posted December 6, 2011 Report Share Posted December 6, 2011 The only thing you can do is see if there is a lien using the resources listed above. The system is kinda screwy but it is the system we have and need to work around. Don't ever trust a private seller unless he has all his paperwork and never buy without seeing it run and better yet, a test flight on the water to make sure everything that is supposed to work does. Link to comment Share on other sites More sharing options...
Terry Posted December 6, 2011 Report Share Posted December 6, 2011 banks do give loans for boats they do make insurance a requirement to get the loan hell the give mortgages on boats when you buy a boat you get the recite from the dealer that is your title in canada when you buy from a private person same thing along with the registered numbers for the boat which also show ownership, so title Link to comment Share on other sites More sharing options...
jedimaster Posted December 6, 2011 Report Share Posted December 6, 2011 BTW... the ministries records don't get updated as quickly as CarFax does. It has happened where a person has bought a car and sold it before the liene gets registered with the ministry. Buyer beware. I know this because my dad works at Toyota and this has burned them in the past. Link to comment Share on other sites More sharing options...
smally21 Posted December 6, 2011 Report Share Posted December 6, 2011 i mostly meant used - new different story of course. nothing like a 20 year loan with a balloon payment at the end on a boat that will be worth 1/20th what you paid for it!! Link to comment Share on other sites More sharing options...
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