Boat loan technicality hang-up

[Dave-col]

Hello, this is off the topics of boating, but I was wondering if someone has run into this dilemma before. I am in the process of buying a used Mainship Trawler, my wife and I love the boat and now the $$ lender is holding up the process because my green card has no expiration date on it ( it was issued in 1981 when there was no expiration on these cards at this time) Finacially I've been approved. Has anyone ever heard of this? Airports and border crossings don't have a problem with my green card. This is not my first time borrowing money, mortgages, other boat loans, business loans etc. boat survey is scheduled to be done in 2 days and a sea trial next week. Time is running out, any solutions would be appreciated. Thanks, Dave

 

[menzies]

New loan application explaining the issue and asking up front if your Green Card situation is OK and asking for an expedited process.
Other than that keep going one level above with your current lending company until you get t the right person. Each time ask for a name and title to make sure the underwriters aren't passing you between themselves.
Meanwhile delay the deal for a couple of weeks -I believe it is still a buyer's market, especially with the recent stock market correction.

 

[CPseudonym]

Meanwhile delay the deal for a couple of weeks -I believe it is still a buyer's market, especially with the recent stock market correction.

I second the above, keep the seller in the loop and he won't go anywhere.

 

[TDunn]

Don't bother with a loan. Just pay cash. Never a problem that way and much cheaper in the long run assuming you keep the boat for a while.

 

[menzies]

Don't bother with a loan. Just pay cash. Never a problem that way and much cheaper in the long run assuming you keep the boat for a while.

There are two obvious potential issues with that!

 

[FlyWright]

there are two obvious potential issues with that!

lol!

 

[Tom.B]

That's weird.. Boat loans are not subject to the same regulations that were added to the home buying process since 2008. We just got a loan and did it in no time with very little paperwork. Just an application and a few other notables like pay stubs and tax returns. It was stupid easy.

I wonder if there is something else that might be holding it up?

 

[RT Firefly]

Change banks!

 

[kthoennes]

Change banks!

Yep, what he said. Some banks act like a boat loan is some highly unusual thing like lending you money to buy an aardvark, for others it's no big deal and not a hassle.

 

[Island Cessna]

Your Green Card has expired. In 1989 they changed the rules and all Green Cards expire every ten years. My late wife tried to rely on the lack of expiration date on the card but was threatened by a border guard that she would be denied entry if she did not apply for a new one! The lender has some legitimate concern if you leave the USA and can't get back! As I recall renewal is easy but not cheap, and I think she got a paper card that was a temporary green card at the same appointment as she applied. http://www.us-immigration.com/blog/dont-let-that-green-card-expiration-date-sneak-up-on-you

 

[menzies]

Better still, you are well past eligible for citizenship....