I am selling my boat to an individual and he would like to make payments to me instead if getting a loan. I already have a promissory note and a bill of sale. I was wondering if I keep the pink slip in my name and just give him the registration and the bill of sale? Do I add myself as a lien holder somehow on the pink slip. When you buy a car, you don't get the title till the loan is all paid off. I want to make sure the liability is transferred from me as the boat owner to him (the new owner) I will still be able to repossess the boat in case he misses a payment. Just curious and help would be much appreciated.
I own the boat outright and will have the individual list me as an additional insured on his policy. It is a Bayliner 245. If the boat is damaged, he will be liable for it as he will have a loan that he will need to pay off with me.
I own the boat outright and will have the individual list me as an additional insured on his policy. It is a Bayliner 245. If the boat is damaged, he will be liable for it as he will have a loan that he will need to pay off with me.