How to sell motorhome with existing loan
I am seriously considering selling my '08 motorhome. My concern is that I still have an outstanding loan on the rig. I sold my previous rig with a bill of sale, which stated that the title would be pr...
Forum Discussion
Since the loan holder, a bank or finance company, is the holder of the title, you are in effect a middle man on the sale. The buyer would make payment to the loan holder, who would then, when satisfied that the loan is paid for, would release the title to the buyer. If any funds are remaining, they would be released to you. If the RV brings less than what is owed, you as the borrower, would be responsible to make up the difference before the bank/loan company would release the title.
If the buyer is also financing the RV, then your loan holder would release the title to the buyer's loan company, when your loan is satisfied. Usually best to talk to your loan holder and see how they want to handle the matter.
These sales can go very smoothly or can turn into a can of worms, on occasion.
If the buyer is also financing the RV, then your loan holder would release the title to the buyer's loan company, when your loan is satisfied. Usually best to talk to your loan holder and see how they want to handle the matter.
These sales can go very smoothly or can turn into a can of worms, on occasion.
