For Sale by Owner that is financed - Advice Needed

DrewE wrote:
If I were the buyer, I would not want to hand over a check or money unless the other party was ready to hand me the signed title at that point. Taking possession of a vehicle without having the title signed over is no less risky than accepting an unverified large check, just for the other party--without the title, you in theory could claim the vehicle is stolen and make life very difficult for the buyer. (I'm not in any way suggesting that you would do that, of course, just describing the sorts of things that a buyer worries about.)

If your motorhome is financed through your bank or credit union, perhaps the easiest thing would be to meet there and have them verify the payment (hopefully cash, a bank check, or a wire transfer, which often could be verified more or less on the spot), and then release the lien and give you the title to give to them, along with the keys, bill of sale, etc.

J&R's suggestion to ask your lender is very good.

That's what I felt, no way I'd hand over money without getting the title so I wasn't sure what the best way to handle this would be. The lending company is not a local bank, so going there in person to finalize the deal wouldn't be an option.

I'll give the lending company a call and go that route. I REALLY appreciate the quick responses to my post, this community is awesome for first time owners and people that need help.

If I were the buyer, I would not want to hand over a check or money unless the other party was ready to hand me the signed title at that point. Taking possession of a vehicle without having the title signed over is no less risky than accepting an unverified large check, just for the other party--without the title, you in theory could claim the vehicle is stolen and make life very difficult for the buyer. (I'm not in any way suggesting that you would do that, of course, just describing the sorts of things that a buyer worries about.)

If your motorhome is financed through your bank or credit union, perhaps the easiest thing would be to meet there and have them verify the payment (hopefully cash, a bank check, or a wire transfer, which often could be verified more or less on the spot), and then release the lien and give you the title to give to them, along with the keys, bill of sale, etc.

J&R's suggestion to ask your lender is very good.

Good advice.

Work with a person at your lending institution. That will make BOTH you and the buyer safe.

Then, have the buyer have his banker call your contact at the lending institution. Let the two of them work out wire transfers, drafting, issues with overage/underage, etc.

You will then know that your banker will not release title (and you do not physically release vehicle) until your banker verifies payment.

The buyer is protected because his banker assures him that he will have clear title from your lender (professional to professional-- done thousands of times a day).

This is FAR safer for both of you than for either of you to try to handle the transaction(s) yourself.

Obviously, if your lending institution is local/has a local branch, you and the buyer can go in there and your banker can issue drafting instructions with your banker assuring the buyer that he will get clear title with money arrives (usually a matter of a few minute wait in the lobby).

Not only let lender handle.......but wire transfer the monies.

Checks, even cashiers can be bogus
Cash can be hassle

Wire transfer bank to bank is fast easy and safe for ALL parties

X2 ITS DONE ALL THE TIME SAME AS A CAR DEAL LET THE LENDER DO THE PAPER WORK.

Call your lender, they will walk you through it.