Best way to transfer funds on private RV sale
Hello, I am thinking of buying a used Class A diesel in another state. The amount is on the order of $140,000. There is a lien on the RV about equal to the sales price. What is the best way to...
Forum Discussion
There are also companies out there that are licensed and bonded that will do an escrow for you. But the only reason to do that is if there isn't a lien holder involved. In this case, since almost all the money is going to the lien holder, like others have said just go through them.
Just in case you didn't know, if you give that money directly to the seller and they don't send it in to the lien holder, that lien holder can and will still come take that motorhome from you and there is nothing you can do about it. It's still their motorhome. Sure you can call the police, but once your money is gone it's gone. And your homeowners insurance doesn't cover this type of loss. You're better off having somebody break into your house and steal everything you own, over losing money in a fraud scheme because there is insurance coverage for the burglary, but not for the fraud loss.
Just in case you didn't know, if you give that money directly to the seller and they don't send it in to the lien holder, that lien holder can and will still come take that motorhome from you and there is nothing you can do about it. It's still their motorhome. Sure you can call the police, but once your money is gone it's gone. And your homeowners insurance doesn't cover this type of loss. You're better off having somebody break into your house and steal everything you own, over losing money in a fraud scheme because there is insurance coverage for the burglary, but not for the fraud loss.
