Refinance Fee/Registration Question

[glocklt4]

This might be different in other states, but I just noticed that here in Texas when I did my refinance just over a month ago I was charged a lot of fees that I didn't notice.

I was expecting a title transfer ($10 i think), and that's really about it. Two in particular stood out though.

$25 boat registration transfer
$25 motor registration transfer

1) Why does registration have anything to do with the bank? I already did my 2 year registration, got my new sticker and put it on in spring.

2) A motor registration for a boat with outboard motor makes sense, but I have an I/O. I don't register my motor (or did I, and I didn't know?). Maybe they put down motor when they meant trailer... guess i'll have to check on that. Still though, I do the registration, not the bank.

What are your thoughts on this? If it's correct, then when you have two engines do you have to pay twice on the motor registration transfer?

On top of this they charged me $130 in "tax" ... no idea what that is from and the person I spoke to questioned it too, so they are looking into that.

 

[skibum]

It sounds like they had to make up a new title to specify a new lien holder. Then, I take it that they charged you sales tax because basically, you sold the boat to the new bank.

 

[glocklt4]

It sounds like they had to make up a new title to specify a new lien holder. Then, I take it that they charged you sales tax because basically, you sold the boat to the new bank.

Yeah, that's what my initial thought was too. But sales tax in Texas is 6.25%, and on a $16k remaining balance, that would be $1k, not $130.

Strange!

So anyone that has refi'ed, did you have to pay anything beyond title transfer from one bank to another?

 

[Woody]

It sounds like they had to make up a new title to specify a new lien holder. Then, I take it that they charged you sales tax because basically, you sold the boat to the new bank.

This must be a joke.....isn't it?:wow:

 

[matt327]

In Rhode Island no tax on boats. About the only deal RI has...

 

[glocklt4]

In Rhode Island no tax on boats. About the only deal RI has...

That's nice! Tax on the 320DA we want to get is going to run $4600... ugh....

I've already paid tax on the boat though, i don't know WTF the bank is doing. Didn't hear back from them today, but going to call back tomorrow. Will let you guys know what they say! I'm going to contest the tax and both registration fees. Freakin nuts...