Best way to transfer funds on private RV sale

MrWizard wrote:
have your bank call the lien holder bank
if its a liget deal
you take a check to the lien holder bank and have the seller meet you there
the bank gets the check the seller and bank sign off
the RV is yours, the paperwork is yours
that bank will give the seller the left over balance, aka payoff 130,000
sale is 140,000 dif is 10,000

if they don't agree, run away from the deal

Nothing is over that quickly anymore if you're using a check. Other bank is not releasing the title until that check clears. The owner of the motorhome would be crazy to let you have the motorhome until the check clears.

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.

I purchased a motorhome from someone out of state and they had a loan on it but I was paying cash.
I simply made a loan to purchase it through my credit union. My credit union then paid the owners loan off and two weeks later when my credit union recieved the title, I paid off my loan and got the title.
The safe way is to do it through a bank or credit union.

have your bank call the lien holder bank
if its a liget deal
you take a check to the lien holder bank and have the seller meet you there
the bank gets the check the seller and bank sign off
the RV is yours, the paperwork is yours
that bank will give the seller the left over balance, aka payoff 130,000
sale is 140,000 dif is 10,000

if they don't agree, run away from the deal

I would call the bank that holds the title (pink slip) and ask them what would be the best way to make the transaction - with them and the owner.

The lien holder either has the title or is the ONLY one that can release the title to the seller to sign it over to you.
Write a contract with the seller, explaining the exact final selling price than contact the lien holder to make arrangements to wire transfer the loan balance funds to the lien holder to release the title.
After the title is released, give the seller his balance and then he will sign the title over to you.
Basically a pretty simple process.

X3 on dealing with the lien-holder. If the seller isn't alright with that, then the seller is not being up front with you.

Call the lien holder. Do not make a check out to the seller! Sounds like s scam.

IMHO Make a cashiers check out to the lien holder. If the seller try to cash it he is committing fraud.

MountainAir05 wrote:
go with the owner to the bank or whom every the loan is with. Pay off the loan and he /she signs off on the title. Talk to the whom every you are giving the money to , so they understand whats going on.

x-2
Its the safest way to ensure everyone knows whats going on. If there is no note, tell the other party its to get a notarized Bill of sale.

go with the owner to the bank or whom every the loan is with. Pay off the loan and he /she signs off on the title. Talk to the whom every you are giving the money to , so they understand whats going on.